The present disclosure relates to a process for recovering vanadium in the form of iron vanadate from a gasifier slag. The process comprises pulverizing the slag to obtain pulverized slag (2). The pulverized slag (2) is soaked in water (6) and an alkali salt (4) to obtain a slurry (8), followed by roasting the slurry in the presence of air to obtain roasted slag (12) which is leached (14) to obtain a first solution (18). The first solution (18) is heated at a temperature in the range of 60° C. to 80° C. while adding an iron salt (17) in an amount in the range of 10 wt % to 60 wt % at a pH in the range of 4 to 10, to obtain a second solid residue (21) which is dried to obtain iron vanadate (24).