The mineral characteristics and laboratory discarding tailings and iron separation of a high chromium vanadium-titanium magnetite from Panxi were studied by using Zeiss Sigma 500 scanning electron microscope, Bruker energy spectrometer, AMICS automatic mineral analysis system, sieving, grinding and magnetic separation. The main minerals in the ore are titanomagnetite, diopside, olivine, ilmenite and hornblende. The embedding relationship between gangue, ilmenite and titanomagnetite is complex. The ilmenite is closely coexisting with titanomagnetite, and V, Cr are occurrenced in titanomagnetite. There are micrometer sized guest crystal minerals within titanomagnetite, which limites the increase of TFe grade and the decrease of TiO2 content in iron concentrates. The wet high-intensity magnetic separation used for the ore sample has a good effect on discarding tailings, and discarding tailings concentrate can only achieve significant dissociation and separation of ilmentite and titanomagnetite at a finer particle size. During iron separation process, V and Cr were mainly distributed in the iron concentrate. Using a wet high-intensity magnetic discarding tailings and three-stage stage grinding and stage iron selection process under the conditions of grinding fineness of −38 μm accounting for 97.58% obtained a vanadium chromium iron concentrate containing 57.06% TFe, 11.07% TiO2 , 0.591% V2O5 and 1.10% Cr. Relative to the original ore, the recovery rate of TFe, TiO2, V2O5, and Cr were respectively 67.51%, 38.66%, 90.95% and 87.55%.