The Hami region of Xinjiang is rich in low-grade iron ore. A certain iron ore has a TFe grade ranging from 14% to 20%, with associated Ti, V, and P, and it is classified as an ultra-low-grade vanadium-titanium magnetite. To explore the potential for comprehensive recovery of its valuable components, process mineralogy studies including phase analysis and microscopic identification were carried out. The occurrence state, dissemination characteristics, and particle size of valuable minerals such as magnetite, ilmenite, and apatite were determined. On this basis, experimental studies on dry pre-concentration and the comprehensive recovery of iron (vanadium), titanium, and phosphorus were carried out. A full-process principle flowsheet was ultimately determined as dry pre-concentration-flotation for desulfurization-flotation for phosphorus recovery-low-intensity magnetic separation for iron-gravity separation for titanium recovery. An iron concentrate with a TFe grade of 57.15% and an operating recovery of 34.31%, a titanium concentrate with a TiO₂ grade of 46.40% and an operating recovery of 20.08%, as well as a phosphorus concentrate with a P₂O₅ grade of 28.25% and an operating recovery of 53.81% have been obtained. Rare earth element partitioning analysis was conducted on the various concentrate products obtained from the experiments, and the results show that rare earth elements exhibit the highest correlation with apatite, with a rare earth recovery of 60% in the phosphorus concentrate. The research findings can serve as a reference for the comprehensive utilization of such vanadium-titanium magnetite resources in the Xinjiang region.