Abstract: A process for producing vanadium-containing alloys comprises the step of melting in a furnace a charge providing a content of vanadium oxides in a melt from 25 to 30 wt. % of vanadium oxides, and calcium oxides. The melt is discharged from the furnace into a receptacle in which vanadium is reduced from oxides thereof with liquid or solid silicon-containing reducing agent. Then vanadium oxides and calcium oxides are additionally introduced to oxides the residual silicon, or from 1 to 10 wt. % of vanadium oxides remain in the slag, and vanadium is reduced from these oxides in another receptacle. The process permits to reduce the production cost of the alloy, increase the vanadium content in the alloy to 80 wt. % and lower the carbon content to 0.03 wt. % and less.