The invention relates to a method for smelting a vanadium-based alloy. The method comprises the steps that a vanadium source, a reduction agent and a slag former are mixed and are placed in a reaction tank, and ignition for the reduction reaction is carried out; after the reaction is finished, the bottom of the reaction tank is subject to primary ultrasonic refining treatment, and the reaction tank is fixed and subject to sedimentation treatment; after sedimentation is finished, secondary ultrasonic refining treatment is carried out, and sedimentation treatment is continuously carried out; third-time ultrasonic refining treatment is carried out, and sedimentation treatment is continuously carried out; ultrasonic refining treatment and reaction tank static sedimentation treatment are alternatively carried out until molten alloy is solidified, and the vanadium-based alloy is obtained. The alloy raw material performance is improved while the production period is not prolonged, the alloy A-grade product rate is increased, the use amount of the reduction agent is reduced, and the comprehensive economic benefit is improved. The method can be applied to other metal heat reduction processes, a high-purity uniform middle alloy raw material can be produced, and can be widely applied to the high-technology industry of aerospace, nuclear energy and the like, and the good application prospect is achieved.