A two-stage oxidation—alkali leaching—acid leaching method was proposed to recovery Fe, V, and Ti in modified Ti-bearing blast furnace slag. The optimal experiment conditions of iron extraction were one-stage oxidation time 40 s and holding time 8 min. The recovery rate of iron was 89.93%. The optimum experiment conditions of vanadium extraction were total oxidation time of 126 s, NaOH concentration of 4.0 mol/L, leaching temperature of 95 °C, leaching time of 90 min, and the number of cycle was 4. The leaching rate of vanadium was 92.13%. The optimal experiment conditions of titanium extraction were HCl concentration of 4.5 mol/L, leaching temperature of 75 °C, and leaching time of 90 min. The TiO₂ content of synthetic rutile was 98.61%.