The invention discloses a method for smelting low-aluminum high-vanadium iron. The method comprises the following steps of: 1, smelting by adopting an outside furnace process, mixing vanadium pentoxide, aluminum powder, scrap steel, vanadium iron slag or lime, igniting and reacting to generate high-vanadium iron and furnace slag; and 2, uniformly mixing vanadium pentoxide and lime at a reducing stage by adopting an electric furnace process, putting the mixture into an electric arc furnace, adding scrap steel, adding industrial silicon and ferro-silico aluminum depleted furnace slag after the material is in a molten state, deslagging when the vanadium content of the furnace slag is below 0.5 percent, extracting an alloy sample and analyzing vanadium and silicon for monitoring before deslagging, putting vanadium pentoxide and lime into the furnace at a refining stage, electrifying to refine and pouring with a ladle after qualification is determined. The method has the advantages that aluminothermic process smelting is integrated with electro-silicothermic process smelting, chemical reaction heat of vanadium pentoxide and aluminum is fully utilized, furnace slag with high vanadium content is depleted, reduced and refined in a three-phase electric arc furnace to obtain high-vanadium low-aluminum qualified high-vanadium iron, the vanadium content of discharged furnace slag is lower than 0.5 percent, and the smelting yield is over 95 percent.