The invention discloses a method for producing cement clinker and oxide pellets. The method comprises the following steps: (1) respectively crushing and grinding iron ores, iron-bearing minerals, limestone and adhesive, uniformly mixing according to a proportion to obtain an inner core raw material, mixing pulverized fuel ash and limestone according to a proportion, adding adhesive, and uniformly mixing to obtain an outer layer raw material of pellets; (2) pelletizing the inner core raw material to obtain pellet inner cores; (3) pelletizing by using the pellet inner core as female parent pellets and the outer layer raw material of pellets as a raw material to obtain compound pellets; (4) drying the compound pellets; (5) roasting the dried compound pellets in the air to obtain roasted pellets; (6) cooling the roasted pellets out of a furnace to pulverize the outer layer of the roasted pellets, namely pulverizing the outer layer to obtain cement clinker, and obtaining inner pellets as oxidized pellets; and (7) collecting the roasted cement clinker and oxidized pellet ore. The method can be used for simultaneously producing cement clinker and oxidized pellet ore, so that the production efficiency is improved, and energy conservation and emission reduction can be achieved.