Abstract: Metallurgical characteristics of the aluminothermic reaction between vanadium oxides and aluminum,which is suitable for ferrovanadium smelting in tilting furnace by one-step and two-step approach,was studied. The effects of vanadium oxides ratio and aluminum coefficient were investigated on smelting efficiency and vanadium loss in slag. The results indicate that vanadium content in slag and the smelting efficiency both decrease with increase of V₂O₃ ratio in the vanadium oxides. When the ratio between V₂O₃ and V₂O₅ in raw materials changes from 0:8 to 6:2,vanadium content in slag reduces from 2.23% to 1.85% with the total weight of slag decreased by 19.7%,and the smelting time increases from 180 min to 194 min. Compared to one-step method,vanadium content in poor slag reduces from 1.85% to 0.44% and average vanadium content in poor and refining slag reduces to 0.88%,with aluminum coefficient increased to 1.20 in two-step smelting process. Dilution time reduces from 194 min to 146 min,yet refining time increases from 0 to 94 min and smelting time is prolonged by 46 min in twostep smelting process. Under the optimal conditions,the content of vanadium increases to 51.6% and the content of aluminum reduces to less than 0.3% in alloy,which improves the utilization rate of the aluminum and alloy quality.