The traditional blast furnace ironmaking process is the most widely used ironmaking process globally, yet it is associated with significant drawbacks, including high energy consumption and carbon emissions. To achieve low-carbon ironmaking, researchers have developed hydrogen ironmaking, which is capable of achieving lower CO2 emissions. Nevertheless, the distribution behavior of impurities has been less studied in the existing research on hydrogen ironmaking. Therefore, in this study, the factors affecting the slag properties and distribution of impurity elements during hydrogen ironmaking were investigated using FactSage, and smelting experiments were carried out. The results show that temperature has the greatest influence on the distribution behavior of the impurities, and excessively elevated temperatures result in the ingress of a significant quantity of impurities into the reduced iron. Reduced iron with a purity of 98.52% was obtained under the conditions of 10%, 10%, 2%, and 2% ratios of CaO, SiO2, MgO, and Al2O3, respectively, a hydrogen flow rate of 12 mL/min, and a temperature of 1400 °C; Lg L Mg, Lg L Al, Lg L Si, and Lg L Ca were 2.72, 2.41, 3.36, and 2.45, respectively (“L” stands for slag-to-metal ratio). The slag was mainly dominated by the silicate, and the iron was mainly lost in the form of mechanical inclusions in the slag. This study will enrich the basic theory of hydrogen ironmaking and is of great significance for the realization of carbon neutralization.