In this study, the feasibility of the carburization of vanadium-bearing hot metal was first investigated by thermodynamic analysis. Next, three carburizers, namely a low-nitrogen carburizer, anthracite, and coke, were used for carburization of 500 g of vanadium-bearing hot metal at 1450 °C, 1500 °C, and 1550 °C, respectively. The carbon increments for the low-nitrogen carburizer, anthracite and coke followed decreasing order in the temperature range from 1450 °C to 1550 °C. Anthracite was the most cost-effective carburizer. Hence, anthracite is used in pilot-scale experiments of the vanadium-bearing hot metal (100 kg and 200 kg). Finally, vanadium extraction experiments of the vanadium-bearing hot metal were carried out in a top-bottom-combined blowing induction furnace. It is proved that the average superheat degree of semi-steel increases from 100 °C to 198 °C by the carburization of vanadium-containing hot metal.