The presence of calcium-containing molten salts in the electrolysis of oxides for metal production can lead to the formation of CaO and, subsequently, the generation of intermediate products, affecting the reduction of metals. To investigate the impact of CaO on the reduction process, experiments were conducted using a Fe2O3-CaO cathode and a graphite anode in a NaCl-CaCl2 molten salt electrolyte at 800 °C. The electrochemical reduction kinetics of the intermediate product Ca2Fe2O5 were studied using cyclic voltammetry and I-t curve analysis. The phase composition and morphology of the electrolysis products were analyzed using XRD, SEM-EDS, and XPS. The experimental results demonstrate that upon addition of CaO to the Fe2O3 cathode, Ca2Fe2O5 is formed instantly in the molten salt upon the application of an electrical current. Research conducted at different voltages, combined with electrochemical analysis, indicates that the reduction steps of Ca2Fe2O5 in the NaCl-CaCl2 molten salt are as follows: Ca2Fe2O5 ⟶ Fe3O4 ⟶ FeO ⟶ Fe. The presence of CaO accelerates the electrochemical reduction rate, promoting the formation of Fe. At 0.6 V and after 600 min of electrolysis, all of the Ca2Fe2O5 is converted into Fe, coexisting with CaCO3. With an increase in the electrolysis voltage, the electrolysis product Fe particles visibly grow larger, exhibiting pronounced agglomeration effects. Under the conditions of a 1 V voltage, a study was conducted to investigate the influence of time on the reduction process of Ca2Fe2O5. Gradually, it resulted in the formation of CaFe3O5, CaFe5O7, FeO, and metallic Fe. With an increased driving force, one gram of Fe2O3-CaO mixed oxide can completely turn into metal Fe by electrolysis for 300 min.