It is imperative to reduce the pollution and energy consumption in the blast furnace ironmaking process. High pellets operation is a developing direction in the future. The function of blast furnace slag system cannot be ignored. In order to balance the MgO content in blast furnace slag and improve the metallurgical properties of pellets in the high pellets ratio operation, the research on MgO-bearing pellets is necessary. In this paper, the metallurgical properties of MgO-bearing pellets and the properties of blast furnace slag effect by MgO in different raw material conditions, especially for Vanadium Titanomagnetite, were analysed and summarized. This review provided a reference for the development of MgO-bearing pellets and the performance of blast furnace slag effect by MgO. It is hoped to reduce pollution and promote the technical progress of blast furnace ironmaking.