The invention discloses a method for directly smelting iron mine to obtain a steel ingot or a billet in an electro-magnetic induction furnace. The method includes the steps that pellets and slag modification agents in multiple ingredient proportions are prepared; if the furnace campaign is the first furnace, steel scrap accounting for 30%-40% of the furnace volume is added into the electro-magnetic induction furnace, after the steel scrap fuses, the pellets are added into the electro-magnetic induction furnace in batches; if the furnace campaign is not the first furnace, the pellets are addedinto the electro-magnetic induction furnace in batches; when the adding amount of the pellets accounts for 70%-90% of the adding total amount of the pellets, molten steel and slag liquid are sampled two times to be subject to spectral analysis; according to the spectral analysis result, the change trends of all component contents of the molten steel and the slag liquid are determined, the pelletsin the corresponding ingredient proportion are added into the electro-magnetic induction furnace, the slag modification agents in the corresponding ingredient proportion are added into a steel containing barrel during tapping, and it is guaranteed that the chemical component of the molten steel meets the corresponding standard; and the molten steel is cast into the steel ingot or the billet. By means of the method, one-step production from iron mine to the steel ingot or the billet is achieved.