Vanadium titanomagnetite ores are commonly used as raw materials in blast furnace smelting processes to produce molten pig iron containing vanadium. This molten iron is subsequently subjected to a strong oxidizing agent, O2(g), in a converter, generating vanadium slag, a crucial source of vanadium. However, the vanadium grade in the slag is typically around 10% V2O3, with high impurities. To address this issue, a novel process is proposed to produce high-quality vanadium slag for the first time. In this process, molten pig iron is initially blown with a weak oxidizing agent, CO2(g), which promotes the transfer of impurities such as silicon, aluminum, and titanium into the slag phase, thereby facilitating their removal. Vanadium, however, remains largely unaffected by oxidation. Then molten iron is subjected to blowing with a strong oxidizing agent, O2(g), in a converter. This sequence results in the production of high-quality vanadium slag with 20–25% V2O3 content. Additionally, a new preparation process for vanadium carbonitride is introduced. In this method, vanadium oxide and carbon are mixed as raw materials, and simultaneously carbonized and nitrided in a nitrogen atmosphere, producing vanadium carbonitride products. This efficient and continuous preparation process has become the global standard in vanadium production.