The melting and separation behavior of vanadium−titanium magnetite pellets directed at an efficient extraction of vanadium and titanium was systematically investigated. Applying FactSage simulations and experiments, the smelting separation of three pre-reduced pellets from different regions was analyzed. The simulations demonstrate that FeTi₂O₅ is converted to TiC at low temperatures, necessitating suppression of this step. Experiments under optimized conditions (1590−1690 °C, 20−25 min, 2% coke, basicity 0.4−0.6, and 3.0%−6.0% MgO) yield iron grade of 92.35%− 95.06%, titanium grade of 34.37%−39.89%, and vanadium grade of 0.56%−1.52%, with recoveries of 99.52%−99.60%, 94.08%−98.96%, and 92.63%−94.38% for iron, titanium and vanadium, respectively. The titanium in the slag, primarily in the form of anosovite, is suitable for sulfuric acid-based titanium white production. An increase in basicity, MgO content, and pellet metallization serves to improve vanadium recovery in melted iron but lowers the titanium grade in the slag. The overall process effectively utilizes vanadium and titanium resources under optimized conditions.