In recent years, environmental considerations and requirements about limiting of carbon dioxide emissions into the atmosphere again forced researchers to consider hydrogen as an alternative reducer at the ironmaking processes. In those studies, the reduction of iron oxides by a mixture of hydrogen and carbon monoxide mainly was considered, but reducing ability of solid carbon was taken into account rarely. The article presents an analysis of the impact of different content of hydrogen and carbon monoxide on the reduction processes equilibrium at the blast furnace conditions. Calculations were performed by using the FactSage thermochemical software and databases. The study presents influence of hydrogen content in the bosh gas on range of wustite stability at the blast furnace process conditions. The calculations revealed possible mechanisms of wustite reduction and role of water−gas shift reaction and hydrogen itself.