Blast furnace ironmaking plays an important role in modern industry and the development of the economy. A reasonable ingredient scheme is crucial for energy efficiency and emission reduction in blast furnace production. Determining the right blast furnace ingredients is a complicated process; therefore, this study examines the optimization of the ingredient ratio. In this paper a model of the blast furnace ingredients is established by considering cost of per ton iron, CO2 emissions, and the theoretical coke ratio as the objective functions; ingredient parameters, process parameters, main and by-product parameters as variables; and the blast furnace smelting theory and equilibrium equation as constraints. Then, the model is solved by using an improved grey wolf optimization algorithm and an improved multi-objective grey wolf optimization algorithm. Using the data collected from the steel mill, the conclusion is that multi-objective optimization can consider the indexes of each target, so that the values of all the targets are excellent; we also compared the multi-objective solution results with the original production scheme of the steel mill, and we found that using the blast furnace ingredient scheme optimized in this study can reduce the cost of iron per ton, CO2 emissions per ton, and the theoretical coke ratio in blast furnace production by 350 CNY/t, 1000 kg/t, and 20 kg/t, respectively, compared with the original production plan. Thus, steel mill decision makers can choose the blast furnace ingredients according to different business strategies and the actual needs of steel mills can be better met.