In order to evaluate the reduction behavior of hematite in the H₂ -rich CO-containing gas-based shaft furnace process,a thermodynamic model is constructed by using HSC Chemistry 9. 5. 1 software based on the minimum Gibbs free energy principle, and the effects of gas composition and temperature on the reduction path of iron oxides and the composition of the equilibrium phase are analyzed under the condition of fixed reaction gas molar (3 kmol). The results show that the critical amount of H2 that could completely reduce hematite at 1 000 ℃ is 0. 405 kmol. The reduction ability of CO reaches to the strongest at 700 ~ 800 ℃,and the critical amount is 0. 415 kmol,but after exceeding 800 ℃,the reduction ability of CO is restricted by the reverse reaction of high temperature and weakened. Increasing the proportion of reducing agents can promote the conversion of magnetite and floatonite to metallic iron. The introduction of about 40% CO into H₂ can broaden the reduction temperature window,make up for the lack of reduction capacity in the low temperature region of pure H₂ ( <700 ℃) and the attenuation of the reduction potential in the high temperature region of pure CO ( >800 ℃),and effectively improve the yield of iron metal at about 800 ℃. The reduction capacity of typical gas-based shaft furnace processes is ranked by HyMEX≈HYL-III > Midrex,among which the maximum treatment capacity of fully reduced hematite by the Midrex process is 0. 352 5 kmol,while the HYL-III and HyMEX processes could reach 0. 395 kmol and 0. 400 kmol,respectively. The latter two are more suitable for high temperature reduction due to H₂ -rich atmosphere. The results can provide a theoretical basis for optimizing the reduction process parameters of gas-based shaft furnaces