The reactor of moving bed for counter-current gas–solid reduction test is researched and developed. By the reformed blast furnace gas, EAF dust is reduced continuously and quickly in a non-molten state with high reduction degree at 800–900°C. In the condition of moving speed of 0.06–0.10 m min−1 and reduction time of 10–16.7 min, the dust is highly transformed in form of FexOy (s) → MFe (s) and ZnO (s) → Zn (g) with the Fe and Zn separated. And Fe metallization rate averages 85%, and gas-dezincification rate averages 92%. When the temperature is <1000°C, the sintering would not occur in reduction process, moreover, P, S, and any other impurity elements are not reduced into Fe matrix. By some simple physical methods it can be achieved that Fe, Zn elements are enriched separately, obtaining high purity metal resources directly, including Fe rich material (TFe = 92%), Zn rich material (ZnO = 91%) and none Fe material (Fe < 2%).