<p>In this work, a production process is proposed that uses high-volatile lignite coal to perform carbon‒hydrogen composite reduction of vanadium‒titanium magnetite (VTM) in response to the current trend of low carbon and green development in the steel industry. The reduction sequence and degree of lignite for VTM in a rotary kiln were analyzed using a stoichiometric model, a minimum free energy model, and thermogravimetric/differential scanning calorimetry (TG-DSC) experiments. The results indicate that 1000&#xa0;g of VTM requires 0.748&#xa0;Nm³ of air and 445&#xa0;g of lignite coal (equilibrium system 1) or 487&#xa0;g of lignite coal (equilibrium system 2) for reduction, with H₂ contributing to approximately 11% of the reduction. The influence of gangue on the reduction process of VTM was also examined, revealing that the presence of CaO and MgO promotes Fe reduction, while Al₂O₃ inhibits Fe reduction, and SiO₂ has minimal impact. Additionally, the reduction sequence of iron oxides was determined to be Fe₂O₃ → FeSiO₃ → MgFe₂O₄ → Fe₃O₄ → FeO → Fe₂SiO₄ → Fe₂TiO₄ → FeTiO₃ → FeTi₂O₅ → FeV₂O₄ → FeAl₂O₄. Finally, TG-DSC experiments were used to verify the reduction process of the VTM. This work provides a clear description of the reduction process of VTM and elucidates the essence of carbon‒hydrogen composite reduction.</p>