A smelting reduction apparatus which separates exhaust gas, which is exhausted from a melter-gasifier or a fluidized bed reactor, into dusts and reducing gas to supply them to each fluidized bed reactor respectively is disclosed, in which the smelting reduction apparatus includes a three-stage type fluidized bed reactor, a melter-gasifier for manufacturing molten pig iron by finally reducing the fine iron ores of which reaction is finished in a final fluidized bed reactor, and a dust separating device, which performs separation of exhausted gas from the melter-gasifier into dusts and reducing gas, so as to supply the separated reducing gas to a lower part of the final fluidized bed reactor, dusts having a larger particle sizes in the separated dusts to the melter-gasifier again, and fine dusts having a smaller particle sizes in the separated dusts to an upper part of a gas distributor of the final fluidized bed reactor.