The invention discloses a two-step reducing carbonizing method for titanium-containing blast furnace slag, and belongs to the metallurgical technical field. In order to solve the problems that an current titanium-containing blast furnace slag reducing carbonizing process is long in period, is high in power consumption, is severe in foaming and the like, the invention provides the two-step reducingcarbonizing method, and the two-step reducing carbonizing method comprises the following steps: filling molten titanium-containing blast furnace slag into an electric furnace, continuously blowing and spraying oxygen-rich reducing gas to pre-reduce, rising the temperature to 1400-1600 DEG C after pre-reducing, adding a carbon reducing agent, refining and discharging to obtain carbide slag. The method enables the first-step reduction reaction to perform in reducing gas, and guarantees that the reducing system is low-viscosity molten slag, so that reduction can be quickly completed; and when the molten slag is changed to be high in viscosity, carbonation reaction is mainly generated, so that the reducing period is short, power consumption is low, consumption on the reducing agent is low, the foaming degree is lower, and operations are more stable.