The particle size and metallization ratio of iron in reduced ilmenite have an important function in separating the metal from TiO2-rich slag in the electric arc furnace process. In this study, an ilmenite concentrate supplied by Panzhihua Iron and Steel (Group) Co. was reduced at 1380°C in an electric resistance furnace. The effects of Fe–Si addition and reduction time on the particle size and metallization ratio of iron in the reduced sample were analyzed. The metallization ratio of iron significantly increased with increasing Fe–Si amount and reduction time, and reached ≈90% after 40 min. However, the metallization ratio of iron was about 85% without Fe–Si addition. Meanwhile, the iron particle size increased with increasing Fe–Si amount; the growth was obvious with the addition of 1% Fe–Si. Moreover, the growth rate of the iron particle size also increased with increasing reduction time. The TG-DTG curves indicated that the mass loss with Fe–Si addition was less than that without Fe–Si addition, and the temperature at which the maximum rate of mass loss rate was achieved was lower than that without Fe–Si addition.