The roasting of sulfide ores and concentrates is one of the most important steps in pyrometallurgical metal production from primary raw materials, due to the necessity of excess sulfur removal, present in the virgin material. Pentlandite is one of the main sources for nickel pyrometallurgical production. The knowledge of its reaction mechanism, products distribution during oxidation and reaction kinetics is important for optimizing the production process. Raw pentlandite-bearing ore from the Levack mine (Ontario, Canada) was subjected to oxidative roasting in the air atmosphere. A chemical analysis of the initial sample was conducted according to EDXRF (Energy-Dispersive X-Ray Fluorescence) and AAS (Atomic Adsorption Spectrometry) results. The characterization of the initial sample and oxidation products was conducted by an XRD (X-ray Diffraction) and SEM/EDS (Scanning Electron Microscopy with Energy Dispersive Spectrometry) analysis. Thermodynamic calculations, a phase analysis and construction of Kellogg diagrams for Ni-S-O and Fe-S-O systems at 298 K, 773 K, 923 K and 1073 K were used for proposing the theoretical reaction mechanism. A thermal analysis (TG/DTA—Thermogravimetric and Differential Thermal Analyses) was conducted in temperature range 298–1273 K, under a heating rate of 15° min−1. A kinetic analysis was conducted according to the non-isothermal method of Daniels and Borchardt, under a heating rate of 15° min−1. Calculated activation energies of 113 kJ mol−1, 146 kJ mol−1 and 356 kJ mol−1 for three oxidation stages imply that in every examined stage of the oxidation process, temperature is a dominant factor determining the reaction rate.