Rutile, ilmenite and Al powder were used to prepare high titanium ferrous alloy by thermit-SHS(self -propagating high-temperature synthesis) reduction method. The thermodynamic and dynamic of the relative reaction systems were studied. The effects of charge ratio, slag type and heating agent on the thermit-SHS reduction process were investigated and the high titanium ferrous alloys were characterized by XRD，SEM and chemical compositions analysis technologies. The results indicate that the adiabatic temperatures of all reaction systems are higher than 1800 K, so all of the reactions can be kept up by self. The apparent activation energy is 93.676 kJ·mol-1 and reaction order is 0.01, the apparent activation energy for Al reducing TiO2 and Fe2O3 is 300.740 kJ·mol-1 and the reaction order is 1.20. The high titanium ferrous alloys consist mainly of TiFe2, TiFe and Fe2TiO0.13 ilmenites solid solution with low oxygen content. The oxide inclusions exist in the alloy which results directly in the high oxygen content and micro-structural defects in the alloys. The contents of titanium, aluminum, ferrous and silicon in the alloy are 60.0%-62%, 7.0%-11.0%, 21.0%-25.0% and 3.0% about, respectively. The lowest oxygen content in the alloy is 1.85% which is removed effectively.