In order to pursue the goal of low-carbon ironmaking, a new type of humic acid (HA)-based binder was applied to the preparation of oxidized pellets from vanadium-bearing titanomagnetite (VTM) in this work. Effects of the HA binder (or with limestone) on the balling, preheating, and roasting behaviors of VTM were comparatively studied with bentonite. The embedded features of each mineral phase in sintered pellets, especially the crystallization and growth state of hematite grains, were deeply investigated by XRD, optical microscopy, and SEM–EDS measures. The binder dosage can be cut down by 50% when HA was used instead of bentonite. Fine hematite grains in HA pellets evolved into plump interlocking grains with ~5% of limestone addition. Pseudobrookite and magnesioferrite spinel phase formed at the optimal sintering temperature of 1250 °C, which could hinder the crystallization of hematite and affect the strength of final pellets.