As a new blast furnace raw material，the strength and high-temperature metallurgical properties of metallized pellets have an important impact on the breathability of furnace charge. In this paper， the influence of metallurgical properties and physicochemical characteristics of metallized pellets on the breathability of furnace charges is studied by simulating the gas-solid reduction process of blast furnace in the laboratory. The results show that the loose and porous structure of metallized pellets is conducive to the reduction reaction，and has a faster reduction reaction rate and higher reduction degree than oxidized pellets. Metallized pellets have similar low-temperature reduction powdering properties to oxidized pellets，but have lower reduction expansion rate， higher soft melt dripping temperature and narrower soft melt range. During the reduction process， MgO in metallized pellets can inhibit the formation of iron whiskers and avoid malignant expansion of the pellets. The iron adhesion formed by MFe could strengthen the structure of metallized pellets， but Zn would significantly damage the pellet structure. The use of metallized pellets instead of partial oxidized pellets will not cause problems such as significant decrease in the strength of blast furnace charges and deterioration of breathability， but the high zinc content of metallized pellets limits their dosage in blast furnace charges. Improving the initial strength of metallized pellets and reducing the zinc content of pellets is one of the directions to improve the breathability of the charge.