According to the comprehensive utilization of 300 series and 400 series stainless steel dust (SSD), and the dephosphorization of the reclaimed Cr-Ni contained hot metal, an experimental method of smelting reduction in iron-bath and oxidational dephosphorization was studied. The result shows: The yield rate of Cr in 300SSDand 400SSDis 98.13% and 98.39% respectively, the yield rate of Ni is almost 100%; During the dephosphorization, through the BaO and CaO-BaO based dephosphorizer has a higher Dephosphorization rate, it can bring pollution problems and the cost is too high, however, under some circumstance when the requirement of phosphorus content is not critical, the CaO based dephosphorizer can also achieved the dephosphorization goal.