The reduction of iron in hematite and process coupling of cementing material generated from gangue components are explored in this paper, and a technical proposal for preparing directly reduced iron and cementing materials considering the processes of energy and material flows is proposed. An experimental study preparing cementing materials, such as tricalcium silicate and dicalcium silicate, by roasting the components, was performed. In this study, hematite was used as the raw material and powdered carbon was added, as the reducing agent, with CaO; at the same time, the gangue components of iron ore were used as the principal raw materials for the process of directly reduced iron preparation by direct reduction of iron ore. The FactSage software package was used to perform thermodynamic calculations of the reduction of iron and its influence on the formation of tricalcium silicate and dicalcium silicate. The feasibility of the direct reduction of iron to elemental iron and preparation of cementing materials by roasting of gangue components under the studied thermodynamic conditions was discussed. Different temperature control strategies were used to verify the reaction coupling test. The results showed that zero-valent iron could be produced by roasting and reducing hematite under certain experimental conditions, and cementing materials, such as tricalcium silicate and dicalcium silicate, could be produced simultaneously by reacting the gangue components with CaO. Fe2O3 exerted an adverse effect on the formation of tricalcium silicate, and sufficient reduction of the iron was a precondition for the formation and stability of tricalcium silicate.