Abstract: Vanadium−titanium magnetite tailings are enriched in strategic resources such as vanadium, titanium, and phosphorus. Their resource utilization is of great significance for reducing enterprise tailings disposal costs, enhancing economic benefits, alleviating China's external dependence on these resources, and safeguarding the ecological environment. This review systematically summarizes the major technical advances in two main aspects: selective recovery of valuable elements and bulk material utilization of the tailings. For vanadium recovery, the fluoride dissolution–leaching method has become the mainstream technological direction, offering higher leaching efficiency and lower energy consumption compared with the conventional alkaline fusion roasting process. For titanium recovery, given the fine dissemination characteristics of ilmenite in the tailings, a combined process consisting of classification, gravity separation, magnetic separation, and flotation can effectively upgrade ilmenite and produce high−grade titanium concentrates. For phosphorus recovery, direct flotation can yield high−grade phosphate concentrates; however, when carbonate minerals are present in the tailings, the selective separation of apatite from gangue minerals remains a technical challenge. In terms of bulk material utilization, significant progress has been achieved in the preparation of conventional building materials such as foamed ceramics and construction sand, as well as high−value building materials like glass−ceramics and ceramsite, with some technologies already having reached industrial−scale application. Currently, this field still faces challenges including the complex dissemination relationships of valuable elements and a relatively low overall utilization rate. Future efforts should focus on strengthening process mineralogy research, developing green and low−toxicity leaching systems, and promoting the high−value bulk utilization of tailings.