The loss of permeability affects the reduction of the ferrous burden in the cohesive zone of a blast furnace (BF). Vanadia–titania magnetite (VTM) burden of various chemical compositions have different metallurgical properties. The reduction and softening-melting-dripping properties of different kinds of VTM were investigated. The results showed that the core of sinter or pellet is indirectly reduced to wustite and (Fe,Ti)Ox, and the periphery contains interlinked metallic iron and CaSiO3 in the cohesive zone. Wustite and (Fe,Ti)Ox are directly reduced in the melting-dripping zone. The aggregate (Fe, V, Cr) present in the non-dripping causes a loss of valuable components. With the increase in TiO2 content, the substrate phase of molten slag changes from melilite to titanaugite, and the mass of dripping decreases gradually. In addition, the permeability index S increased and the melting zone widened, which indicates that the increase in TiO2 content negatively affected the melting-dripping performance. The mass of the dripping is directly proportional to the pellet ratio. Considering the adverse effect of TiO2 on softening-melting-dripping properties, it is recommended that high TiO2 VTM is smelted while mixed with ordinary ores or with an increased pellet ratio in the burden structure.