Magnesium fluxed pellets are more and more used in blast furnace smelting due to their good metallurgical performances. In this paper, the effect of basicity and w(MgO) on the properties of vanadium-titanium magnetite pellets was investigated by pelletizing tests, and the difference of consolidation mechanism of pellets was revealed by the mineralogical analysis of the pellets. The results indicate that with the increase of basicity, the porosity of the finished pellets increase, resulting in the reduction of its compressive strength. Besides, as w(MgO) increases, the increased w(MgO) is adverse to the grain connectivity of vanadium-titanium magnetite finished pellets, but the compressive strength is not obviously reduced attributing to the adhesion of MgO on the grain surface, inhibiting the formation of perovskite. Furthermore, when the basicity and w(MgO) are 0.48 and 3.0% respectively, the high-quality magnesium fluxed pellets can be obtained with the RI, RDI_+6.3mm and RSI of 75.29%, 97.31% and 12.45% respectively, and it can be used as high-quality blast furnace charge.