The invention discloses a smelting furnace heated through combination of heavy oil burning, gas burning and electric arc heating. The smelting furnace comprises a furnace body arranged on a furnace base, the furnace body comprises a side wall, a furnace top, and a fire resistant furnace bottom arranged on the furnace base; a hearth of the furnace body is divided into two parts including a smelting area and a settling area, a furnace bottom of the settling area is lower than a furnace bottom of the smelting area, the furnace bottom of the smelting area adopts an inclined type, one end, adjacent to the settling area, of the smelting area tilts down and is communicated with the settling area, a feed port is formed in a furnace top at one end, far from the settling area, of the smelting area, burners are arranged on opposite two side walls in the smelting area, a graphite electrode penetrating through the furnace top is arranged on the settling area, and a slag discharge port and a hot metal discharge port are respectively formed in the bottom of the settling area. The smelting furnace combines the advantages of gas burning heating and electric arc heating, and has the advantages of low smelting cost, environmental friendliness, high product quality, high handling capacity of single furnace, wide applicability of raw materials, high recovery rate and the like.