Aiming at the problem that it is difficult to predict the alloy yield in the RH furnace refining process, an alloy yield prediction model based on a sparrow search algorithm (SSA) optimized ELM neural network is proposed. Firstly, because the dimensions of input parameters are different, 11 input features are reduced by factor analysis (FA), and 5 input features are obtained. Then, through the sparrow search algorithm with fast convergence, high precision, and good stability, the input weight value and threshold of the ELM neural network are optimized, the SSA-ELM alloy yield prediction model is established, the alloy yield is predicted, and the off-line operation of the model is realized, which provides a theoretical basis for the prediction of alloy yield in the actual production process. Finally, by comparing the simulation results with the actual production data, it is found that the prediction results of the target element alloy yield predicted by the SSA-ELM are within the error range, and the prediction accuracy is higher than that of the ELM prediction model, which verifies the feasibility and effectiveness of the model.