The reduction behavior of pellet was researched through the programming apparatus under simulated conditions of oxygen blast furnace (OBF) and traditional blast furnace (T-BF). The results indicated that compared with traditional blast furnace, the reduction starting temperature of pellet decreased by 60 °C under oxygen blast furnace condition. The reduction degree of pellet could almost reach 100% under oxygen blast furnace condition when the temperature reached 1100 °C, whereas it was only 82. 49% in traditional blast furnace. The content of carbon in pellet of oxygen blast furnace was about 5 times more than that of traditional blast furnace. In addition, the microstructure at the periphery and core of pellets after reaction was characterized by means of SEM and EDS.