The present work adopts high grade magnetite concentrate (O ore), high magnesium magnetite concentrate (K ore) and high silicon hematite fines (Y ore) as raw materials to investigate the preparation characteristics of high silica Mg-bearing fluxed pellet at laboratory scale based on straight grate process in terms of a typical industrial pellet blend consisting of 40% O, 20% K and 40% Ore. The effects of binary basicity [w(CaO)/w(SiO₂), 0.5-0.9] on pellet roasting characteristics, metallurgical properties (reduction index RI, reduction swelling index RSI and dynamic low temperature reduction disintegration index LTD_+3.15mm) and mineralogy characteristics of the resultant fired pellets were researched. The results show, increasing pellet basicity is capable of improving the reducibility of fired pellets with high RI of more than 65.38%, low RSI of lower than 15%, and excellent LTD_+3.15mm of more than 98.88%. The mineralogical analysis of the fired pellets revealed that the consolidation form of pellets mainly relies on Fe₂O₃ recrystallization while an increase in pellet basicity is conducive to the formation of more liquid phase to promote consolidation and a decrease in the porosity of pellets. Hence, the finished pellets with good performance can be obtained. The experimental results will provide strong support and important reference for industrial production practice.