The materials charged into a converter comprise molten iron and scrap steel. Adjusting the ratio by increasing scrap steel and decreasing molten iron is a steelmaking raw material strategy designed specifically for China’s unique circumstances, with the goal of lowering carbon emissions. To maintain the converter tapping temperature, scrap must be preheated to provide additional heat. Current scrap preheating predominantly utilizes horizontal tunnel furnaces, resulting in high energy consumption and low efficiency. To address these issues, a three-stage shaft furnace for scrap preheating was designed, and Fluent software was used to compare and study the preheating efficiency of the new three-stage furnace against the traditional horizontal furnace under various operational conditions. Initially, a three-dimensional transient multi-field coupling model was developed for two scrap preheating scenarios, examining the effects of both furnaces on scrap surface and core temperatures across varying preheating durations and gas velocities. Simulation results indicate that, under identical gas heat consumption conditions, scrap achieves markedly higher final temperatures in the shaft furnace compared to the horizontal furnace, with scrap surface and core temperatures increasing notably with extended preheating times and higher gas velocities, albeit with a gradual decrease in heating rate as the scrap temperature rises. At a gas velocity of 9 m/s and a preheating time of 600 s, the shaft furnace achieves the highest waste heat utilization rate for scrap, with scrap averaging 325 °C higher than in the horizontal furnace, absorbing an additional 202 MJ of heat per ton. In the horizontal preheating furnace, scrap steel exhibits a heat absorption efficiency of 35%, whereas in the vertical furnace, this efficiency increases notably to 63%. In the vertical furnace, the waste heat recovery rate of scrap steel reaches 57%.