Vanadium-bearing titaniferous magnetite bands hosted by Precambrian gabbro-norite-anorthositic rocks or their metamorphic equivalents were discovered in some parts of Eastern Indian Shield, containing 48%–49% Fe (total), 10%–25% TiO₂, and 0.3%–2.20% V₂O₅ by mass. Mineralogical and petrological study, composition, and characterization of the vanadium-bearing titaniferous magnetite ore were carried out by scanning electron microscopy-energy dispersive X-ray (SEM-EDX), wave length X-ray florescence (WDXRF), inductively coupled plasma-atomic emission spectroscopy (ICP-AES), X-ray diffraction (XRD), etc. Chemical beneficiation for valuable metals, such as Fe, Ti, and V, was performed by reduction roasting. The direct and indirect reduction were investigated by mixing the lump ore with solid activated charcoal in a closed reactor and purging the reducing gas mixture in standard reducibility index apparatus at different temperatures and time intervals. The reduction roasting parameters were optimized. Finally, the reduced samples were crushed and upgraded by magnetic separation. The results show that, the maximum mass fractions of magnetic and nonmagnetic parts achieved are 69.36% and 30.64%, respectively, which contain 10.6% TiO₂ and 0.84% V₂O₅ in the magnetic part and 36.5% TiO₂ and 0.22% V₂O₅ in the nonmagnetic part.