The invention provides a method for preparing ferrovanadium through vacuum reduction. The method comprises the following steps: (1) uniformly mixing vanadium oxide, a carbonaceous reducing agent and an iron source, then adding an adhesive, mixing and pelletizing, and drying to obtain pellets; (2) putting the prepared pellets in a vacuum furnace for carrying out reduction reaction; and (3) melting the pellets prepared by the reduction reaction, casting the pellets as moulds, and cooling the pellets under inert gas protection to obtain ferrovanadium products. Through the method, the raw material composition is adjusted; the vanadium oxide is used as the raw material; through the adoption of the vacuum reduction method, ferrovanadium alloys are produced under certain temperature and pressure; the recovery rate of vanadium is greatly increased; the mechanized production is easy to implement; auxiliary materials such as aluminum, ferrosilicon and lime and the like can be reduced; the production cost is reduced.