The invention relates to a refining method for producing low alloy steel by refining and slagging of bauxite in an LF (Ladle Furnace), in particular to a method for producing the low alloy steel by refining and slagging of bauxite ore after being crushed and dried in the LF, and belongs to the technical field of metallurgical ladle refining. The refining method adopts the following technical scheme: the refining method comprises the steps as follows: carrying out refining and slagging in the LF by using lime as a slag material, the bauxite as a fluxing agent, and silicon carbonate, calcium carbide and silicon-calcium powder as auxiliary materials; and adjusting the slag content of the LF to reduce the slag melting point by Al2O3 and SiO2 in the bauxite ore during refining and slagging in the LF. The bauxite as the fluxing agent used in the refining method has better use performance than the conventional fluorite fluxing agent, and meanwhile, the refining method achieves the effect of green pollution-free low-cost steel-making production and has remarkable economic and social benefits and promotional value. The ratio of Al2O3, CaO and other slag components can be effectively controlled by the bauxite with rich Al2O3 as a natural mineral, so that the steel-making cost can be remarkably reduced and the market competitiveness of an enterprise can be improved to extend the survival development space.