Pangang blast furnace slag is a model of high TiO^₂ containing slag,the TiO₂ content of which exceeds 20%. The properties of the blast furnace slag are influenced by the reduction rate of TiO₂ of slag to a considerable extent. The blast furnace slag of Pangang is CaO-SiO₂-MgO-Al₂O₃-TiO₂ slag. The TiO₂ content of the slag is about 21%~22%. The contents of silicate phases of slag are about 70%~80%, and the content of titanate phases are about 20%, and the other phases are metallic iron and titanium carbonitride solid solution. The melt point temperature of the blast furnace slag is about 1360~1380 ℃, and the region of which is about 20~30 ℃ in general. The viscosity of the liquid slag at high temperature is about 0.5 Pa•s when smelting process goes smoothly. The mechanism and quantitative relevance of the reduction of TiO₂ to the properties of slag still need research further.