The invention provides a method for producing ferrochrome and aluminum oxide by chrome-containing aluminum mud and red mud, and belongs to the technical field of solid waste resource utilization. According to the method, chrome-containing aluminum mud and red mud are used as raw materials; reducing agents are used for reducing chromium oxides in the chrome-containing aluminum mud and iron oxides in the red mud; due to the siderophile affinity of chrome, ferrochrome can be formed; aluminum still remains in aluminum-rich slag in an oxide form; through crushing, two-section ore grinding and magnetic separation processes, the ferrochrome is separated from the aluminum-rich slag; then, the aluminum-rich slag is sequentially subjected to alkaline leaching, carbonation decomposition and calcination to obtain aluminum oxide. From the embodiment, the iron grade of the obtained ferrochrome is 90.53 to 92.2 percent; the chrome grade is 18.11 to 20.31 percent; the aluminum oxide content in the obtained aluminum oxide is 98.7 to 99.01 percent. The method conforms to the national grade 1 standard of aluminum oxide for aluminum melting.