In order to explore the correlation between physical and chemical performance indexes and green pellet performance of bentonite, the microwave-assisted semi-dry method is used to deal with sodium modification treatment for bentonite, followed by mixing with iron ore powder for pelletizing, and relevant performance index tests and analysis. The influence of sodium process factors on the physical and chemical performance indexes of bentonite is mainly explored, the R language is used to deal with multiple linear regression analysis on its physical and chemical performance index and the green pellet performance indexes, and the correlation model of the two types of indexes is established. The results show that the expansion volume of modified bentonite could be increased from 6.3 mL/g to 19.8 mL/g, the colloid index increased from 12.2 mL/(3 g) to 99.8 mL/(3 g), and the water absorption rate increased from 134.8% to 390.8%. Colloid index is the key influencing factor of falling strength and compressive strength of green pellets, while water absorption rate is the key influencing factor of dry pellet compressive strength. The stepwise regression equation could provide a rough prediction of the mass of the green pellet.