Theoretical calculations and experimental studies were used to investigate a process involving the evaporation, condensation, and separation of blast furnace dust with vacuum carbothermal reduction. The theoretical calculations revealed that the removal rate of metallic zinc from blast furnace dust by vacuum carbothermal reduction was> 99.6%, with a 800–900 °C reduction temperature range. The experimental results showed a 97.8% removal rate of metallic zinc in the reduced sample. The phase transformations of iron and zinc during the reduction process were ZnFe2O4 → Fe2O3 → Fe3O4 → FeO and ZnFe2O4 → ZnO → Zn(g), respectively. Metallic zinc in ZnFe2O4 phase was reduced, condensed, and collected after escaping in the gas form. These results demonstrated the feasibility of a novel process for recovering metallic zinc and high-grade iron-bearing raw materials from blast furnace dust.