The invention relates to a method for smelting ferrovanadium by fine vanadium slag, comprising the following steps: mixing steel scrap, vanadium pentoxide, fine vanadium slag, aluminum powder and silicon powder uniformly, adding the mixed materials into an electric arc furnace, smelting externally, igniting to make the mixed materials react to generate ferrovanadium and furnace slag, mixing vanadium pentoxide and lime uniformly in the reduction period by adopting the electric furnace process, adding the mixture into the electric arc furnace to melt the mixture into the molten state, adding ferrosilicon and ferro-silico aluminium depleted furnace slag, deslagging when the content of vanadium in the furnace slag is less than 0.35%, adding vanadium pentoxide and lime into the electric arc furnace, heating the electric arc furnace to refine, sampling, analyzing, and casting by using the steel ladle if the sample is up to the standard to obtain the ferrovanadium. The flows of the process for smelting ferrovanadium by fine vanadium slag are reduced, the production cost is lowered, energy is saved, and no pollution is caused to environment.