In light of the steel industry's rapid advancements, the availability of high-quality mineral resources is diminishing. Therefore, the recovery of iron from BOF slag is of great significance to the sustainability development. Considering the compositional characteristics of BOF slag, the transformation of the iron-containing phase into (Mn,Mg)yFe3-yO4 is the key step. Thus, a novel process for recovering iron resources by synergistic treatment of blast furnace slag (BFS) and BOF slag was proposed. This research employed FactSage thermodynamic simulation, XRD, SEM-EDS, XPS, and EPMA to analysis the impact of BFS addition (10–50 %), cooling methods (from water-cooling to furnace-cooling), and temperature (1400–1600 °C) on phase transformation and the RO oxidation mechanism, and the conditions of (Mn,Mg)yFe3-yO4 generation and enrichment was obtained. The results show that at BFS addition of 30 %, reaction temperature 1400 °C and furnace-cooling, the iron-containing phase (Ca2Fe2O5 and RO) was almost completely transformed into (Mn,Mg)yFe3-yO4. The oxidation mechanism of RO was formation of (Mn,Mg)yFe3-yO4 by cation diffusion. Under optimal conditions, the iron recovery rate and the grade reached 65.74 % and 32.07 %, respectively, which can be used as raw material for ironmaking. Meanwhile, the main phase of the tailing slag was β-Ca2SiO4, without f-CaO, which has the potential to be used in the cement and concrete industries with the advantages of both low cost and eco-friendly. Therefore, the process with green, efficient and low cost was provided, which is a feasible idea for the comprehensive utilization of industrial solid waste.