The effect of ladle refining parameters on yielding rate of N and V of VN alloy was studied. The results show that the temperature, composition of steel and the slag quantity have no effects on the yielding rate. Oxygen-potential is the key factor, and its regressive relationship with the yielding rate of N was obtained. Although the final yielding rate of V and N isn't affected by adding Al2O3 and CaF2 in slag, the velocity of VN alloy entering steel is delayed greatly. The yielding rate of V can stably keep higher than 95% under normal conditions, but V will be oxidized gradually if the oxygen content is higher than 0.01%.