This invention provides a method for separating and extracting Fe, V and Ti from a VTi magnetite including the following steps: 1, making balls with magnetite powder, reducers and a binder or pressing them to blocks to be dried, 2, putting them into a reducing furnace to be heated to 1400-1500deg.C to process metallic pellets, in which, the ratio of partial pressures of CO2 and CO in the gas phase is not greater than 2.0, 3, puuting the pellets into the furnace to be melt under 1560-1700deg.C to separate irons and slags to get the slags with melten iron and Ti, 4, extracting V with pyrogenic process to get melton iron and V slags, 5, processing the V slags to get V205, 6, processing the steel slags with Ti with H2SO4 or chlorination method to get TiO2.