<p>Red mud is a solid waste generated during the smelting of bauxite, characterized by high production but low utilization rate. Achieving large-scale recycling and utilization of red mud has become an urgent global challenge. Based on the concept of regulating slag composition by substituting Al₂O₃ for SiO₂, this study comprehensively analyzed the feasibility of recovering iron resources from red mud with varying iron grades using the HIsmelt process. This result indicated that under the conditions of normal iron ore smelting, substituting iron ore with 10 to 60 wt pct of red mud or high-iron red mud resulted in lower viscosity and free running temperature of the slag. This improved slag-iron separation, increasing the iron recovery rate from 89.26 to 95.00 pct. Preliminary calculations suggest that if this method is applied to recover metal resources from red mud, a fully operational HIsmelt process facility could consume 300,000 to 600,000 tons of red mud annually.</p>