Red mud is a highly alkaline solid waste discharged in the alumina production process. Because of its large amount of discharge and high alkalinity, it is mostly stored in dams, occupying a large number of land resources and posing a great safety hazard to the ecological environment. The large-scale consumption of red mud is a global technical problem. Different alumina production processes will produce different types of red mud, mainly Bayer process red mud. In addition to its overall utilization in the field of building materials, agriculture, the environment, and the chemical industry, red mud also contains valuable metal elements, such as titanium, iron, scandium, and aluminum, and is an important secondary mineral resource. This paper focuses on the principle and characteristics of red mud metallurgical treatment for the extraction of valuable components and looks forward to the prospect of large-scale, harmless, and high-value comprehensive utilization technology for red mud in China.