The invention discloses a method for comprehensively treating phosphorus-containing oolitic hematite and red mud, which is characterized by comprising the following steps: after mixing crude ore of the oolitic hematite, the red mud and coal according to a certain proportion, grinding and uniformly mixing; carrying out ore crushing and metallized reduction roasting; after slowly cooling the roasted product to a temperature of 400 to 750 DEG C, carrying out water quenching and shock cooling and carrying out ball milling on the water-quenched roasted product; carrying out magnetic separation on the ball-milled ore pulp to obtain similar sponge iron powder and tailings; and melting the similar sponge iron powder to obtain high-quality molten iron with phosphorus content of less than 0.01%. The method disclosed by the invention has a short flow, is continuous, is energy-saving, has high productivity, has high resource utilization rate and is environmental-friendly; the problems of high stacking construction cost of the red mud, high maintenance cost and the like can be solved; and the product can be used as a high-quality raw material for steelmaking and has high output.