In the present work, the oxidation characterization and mechanism of vanadium extraction by bottom injection of CO 2 were investigated based on laboratory experiments and pilot tests. In addition, variations of the compositions of all stable phases including gas, hot metal, slag, and spinel during the vanadium extraction process through injecting pure O 2 , 15 vol.% CO 2 -85 vol.% O 2 , and 30 vol.% CO 2 -70 vol.% O 2 gases were simulated based on the recently optimized vanadium-containing oxides database stored in FactSage software. As a consequence, oxidation of vanadium by CO 2 was an apparent secondorder reaction. Transformation of dissolved vanadium to vanadium-containing spinel can be enhanced with bottom injection of 15 vol.% CO 2 -85 vol.% O 2 into the hot metal. With the increase of bottom injected CO 2 from 15 vol.% to 30 vol.%, the oxidation of dissolved vanadium could be restrained due to the reduction of oxygen potential originating from partial replacement of O 2 by CO 2 .