The high chromium vanadium titanomagnetite in the Honggenan mining area of Panzhihua is a vanadium titanomagnetite resource that will be developed and utilized. In this paper, through the thermodynamic analysis of carbon reduction of high chromium vanadium titanomagnetite and the high temperature carbon reduction experiment, the phase composition, microstructure morphology and element content in different phases of the reduction products were studied. The occurrence, transformation and enrichment of metal elements Fe, Ti, V and Cr in high chromium vanadium titanomagnetite at different reduction temperatures were analyzed in detail, as well as the metallization rate and reduction degree of the reduction products. The results show that under the condition of 1.3 molar ratio of carbon to total oxygen in iron ore. The transformation law of the occurrence form of the main metal elements in iron ore is: Fe₃O₄ → FeO → Fe；Fe₂TiO₅ → Fe₂TiO₄ → FeTiO₃ → (Mg, Fe)Ti₂O₅；FeO.V₂O₃ → V₂O₃ → VO；FeO.Cr₂O₃ → Cr₂O₃ → Cr；When the temperature is higher than 1250 °C, the Cr oxide is reduced to metal Cr and dissolved in the metal phase. V oxide is not reduced to metal V. With the increase of temperature, the metallization rate and reduction degree of Fe increase. When the temperature reaches 1350 °C, the metallization rate of Fe reaches 89.01 % and the reduction degree reaches 90.53%.