The invention provides a method for extracting titanium, iron, manganese, vanadium and chromium from vanadium slag of an iron and steel plant, and belongs to the field of comprehensive resource utilization. Sodium chloride, potassium chloride and aluminum chloride mixture powder and vanadium slag powder are roasted at 700-1000 DEG C, and trivalent vanadium in the vanadium slag is directly reduced to elementary vanadium. The reaction temperature is 300-1000 DEG C lower than a traditional vanadium slag ferrovanadium smelting temperature which is 1300-1700 DEG C. The process of the method is shorter than that of a traditional roasting process, the procedure that trivalent vanadium is oxidized to pentavalent vanadium which is then reduced to elementary vanadium is not needed, and other valuable metals such as titanium, iron, manganese and chromium in the vanadium slag are recovered. Cl2 produced by the method can be applied to fused salt so as to improve dissolving of the valuable metals in the vanadium slag and reduce damage of chromium and vanadium in the slag to the environment; compared with traditional sodium salt roasting, the method can effectively extract chromium, and has broad prospects for processing chromium-containing slag in economical and environmental-friendly modes.