Ferronickel enrichment and extraction from nickel laterite ore were studied through reduction and magnetic separation. Reduction experiments were performed using hydrogen and carbon monoxide as reductants at different temperatures (700–1000°C). Magnetic separation of the reduced products was conducted using a SLon-100 cycle pulsating magnetic separator (1.2 T). Composition analysis indicates that the nickel laterite ore contains a total iron content of 22.50wt% and a total nickel content of 1.91wt%. Its mineral composition mainly consists of serpentine, hortonolite, and goethite. During the reduction process, the grade of nickel and iron in the products increases with increasing reduction temperature. Although a higher temperature is more favorable for reduction, the temperature exceeding 1000°C results in sintering of the products, preventing magnetic separation. After magnetic separation, the maximum total nickel and iron concentrations are 5.43wt% and 56.86wt%, and the corresponding recovery rates are 84.38% and 53.76%, respectively.