The invention provides a treatment method for water containing vanadium, chromium and iron and a smelting process for high chromium vanadium titanium magnetite concentrate. The treatment method for the water containing vanadium, chromium and iron comprises the following steps: filling the water containing vanadium, chromium and iron; controlling temperature of the water containing vanadium, chromium and iron to be higher than a theoretical liquidus temperature of 65-120 DEG C, carrying out bottom blowing, and adding a desilicification agent into a steel ladle in batches; removing slag in the steel ladle or dumping and discharging the slag; blowing oxygen into the water containing vanadium, chromium and iron under the condition that gas is introduced into the steel ladle in a bottom blowing way, wherein oxygen blowing amount is controlled to be 23-32Nm<3> per ton iron, and controlling temperature of the water containing vanadium, chromium and iron in an oxygen blowing process to be higher than the theoretical liquidus temperature of 25-80 DEG C by adding a cooling agent into the vanadium, chromium and iron-containing water; removing slag or replacing the steel ladle, so that vanadium chromium slag and molten iron are obtained. The treatment method for the water containing vanadium, chromium and ironhas the advantages that the requirement that a technology for comprehensively utilizing a high chromium vanadium titanium magnetite concentrate resource by a non blast furnace process is smoothly carried out can be met, a vanadium chromium resource is effectively recycled, and the molten iron with the carbon content according to the follow-up electric furnace steel making requirement can be obtained.