In response to the problem of rich vanadium-titanium magnetite (VTM) resources in China contrasting with low blast furnace utilization, a HIsmelt process for smelting VTM is proposed. The influence of the process parameters on smelting reduction is analysed under laboratory conditions by simulating smelting reduction. The results show that extending the reaction time reduces the FeO content in the slag by 15.34 wt-%, increasing the reaction temperature reduces the FeO content in the slag by 26.38 wt-%, and increasing the basicity reduces the FeO content in the slag by 11.26 wt-%. The control temperature for smelting VTM using the HIsmelt process is 1425°C, with a reduction time of 20-30 min, which is conducive to the transfer of vanadium to the molten iron and the enrichment of titanium in the slag. To ensure vanadium and titanium are efficiently utilized, a basicity control of 0.8 is appropriate.