The traditional roasting technique using sodium salts in vanadium production has been disadvantageous due to the large consumption of energy and the emission of harmful gases. A modified process using molten salt roasting and water leaching to extract vanadium and titanium from domestic titanomagnetite concentrate was investigated. The roasting process was performed under optimal conditions: the weight ratio between the sample and NaOH of 1:1, the temperature of 400 °C, and the experiment time 90 min, and the conversion of vanadium could be maximized to 90%. The optimization of water leaching (at 60 °C for 90 min with a pulp density of 0.05 g/mL) could extract 98% of the vanadium from the roasted products into the solution, leaving titanium and iron remaining in the residue. Further purification of vanadium and titanium using the precipitation/hydrolysis process followed by calcination obtained the final products V2O5 and TiO2 with high purities of 90% and 96%, respectively. A potential approach with modification of the roasting stage using NaOH was proposed, which was not only efficient to selectively extract the value metals from the titanomagnetite but also eco-friendly based on the reduction in energy consumption and emission of harmful gases.