A novel method for preparing titanium powder by multi-stage reduction of TiO2 was proposed. Its core is the preparation of high-quality low-valent titanium oxide. In this paper, the effect mechanism of different sample preparation pressures on the preparation of low-valent titanium oxide by the primary reduction (self-propagating high-temperature synthesis mode, SHS) of the Mg-TiO2 system was studied. The results show that the generation of Mg thermal fluid is the key link of the self-sustaining chemical reaction of the Mg-TiO2 system. Titanium exists inα-Ti and TiO at the end of combustion, and constitutes a non-stoichiometric low-valent titanium oxide. The sample preparation pressure determines the proportion of pores reserved for Mg diffusion in the compacts and the contact area of the reactants, thereby determining the partitioning behavior and heat transfer effect of Mg thermal fluid during the combustion process. When the sample preparation pressure is 75 MPa (relative density is 0.66 ± 0.01), the combustion effect is optimal, and the low-valent titanium oxide with oxygen content of 15.1% can be obtained. It was subjected to deep reduction to obtain a titanium powder product with an oxygen content of 0.27%.