The invention relates to a vanadium extraction coolant and a preparation method and a use method thereof which belong to the field of metallurgy. The invention provides a novel vanadium extraction coolant and overcomes the defects of complex use of the existing coolant and the large operation difficulty of the existing vanadium extraction technique. The vanadium extraction coolant comprises 80 to 95 percent of the oxides of iron, 3 to 6 percent of SiO2, 0.1 to 0.6 percent of V2O5, 1 to 3 percent of MgCl2 and the rest is less inevitable unpurified elements; the total amount is 100 percent. The vanadium extraction coolant of the invention is collocated and pressed by adopting iron concentrate powder containing vanadium and ferric oxide (or vanadium extraction mud) with a bonding agent which not only has a simple preparation method, but also has high cooling intensity; besides, the using method is simple during the process of using the vanadium extraction; the vanadium extraction technique is more smooth; the quality of the vanadium slag and the quality of gun iron are more stable; the invention fully recycles the most resources of iron and vanadium in the coolant simultaneously when achieving the goals of ''removing vanadium and preserving carbon''.