The effects of corrosion temperature, oxygen flow rate and corrosion time on the transformation of metallic iron were systematically studied, and the effects of mineral phases of Fe-bearing products on Ti-Fe separation were investigated. The reaction mechanism of metallic iron in corrosion process was proposed. The results showed that corrosion temperature played a key role in determining the transformation of metallic iron in reduced ilmenite during corrosion process. Under suitable corrosion conditions, Fe-bearing mineral in reduced ilmenite could be converted to amorphous ferric hydroxide, lepidocrocite,hematite and magnetite, respectively, and lepidocrocite was the most easily separated Fe-bearing mineral from corrosion products owing to the significant density difference between lepidocrocite and Ti-rich materials. The Ti-rich material with 77.81 wt.％ TiO2 and Fe-bearing product with 52.69 wt.％ total Fe were obtained by gravity separation. The Ti recovery ratio and Fe recovery ratio were 91.16％ and 86.27％, respectively.