To fully utilize Panzhihua titanium resources, a new process was proposed. In the process, Panzhihua ilmenite concentrate was first reduced in a rotary hearth furnace (RHF) to produce a titanium-rich material and iron. The titanium-rich material was then used in a new chlorination process to produce TiCl4. The comparison of different groups of experimental results or calculation results showed that the utilization ratio of material was improved by using the titanium-rich material after pretreatment other than low level titanic ilmenite directly and the combined fluidized beds (FTF) were more likely to reduce bed height and reaction time than the single fluidized beds (Single F or Single T) under the condition of the same chlorination conversion ratio. Finally, the influence of reduction temperature and the anti-agglomeration capacity of the combined fluidized bed was analyzed.