The invention discloses a method for mixed slag smelting reduction recycling and thermal refining, and belongs to the field of non-blast furnace iron making and comprehensive utilization of resources. With the method, pig iron or steel and a phosphorus-rich phase are recycled from mixed slag, and slag thermal refining is carried out. The method comprises the following steps that (1) blast furnace slag and molten steel slag are mixed; (2) gas blowing is carried out to carry out smelting reduction; and (3) separation and recycling are carried out. According to the method, blast furnace slag and the molten steel slag are mixed, then, oxidizing gas is blown to carry out molten reduction iron making, the iron in the mixed slag is recycled, phosphorus-rich phase recycling and slag thermal refining are achieved, and the reduced slag can serve as slag cement or a cement regulator or an additive in cement production or cement clinker, or be used for producing high-value-added cement clinker. The method for mixed slag smelting reduction recycling and thermal refining is short in reaction time, high in metal recycling rate, low in production cost, high in material adaptability, high in handling capacity, friendly to the environment, high in economic benefit, and capable of effectively achieving the purpose of high-efficiency recycling of metallurgical resources and thermal energy, and is a new smelting reduction technology.