The composition of TBFS is complex. It is categorized into low (W_(TiO2) < 5%), medium (5% < W_(TiO2) < 20%), and high-titanium slag (W_(TiO2) > 20%) based on Ti content. The titanium in the slag is underutilized, causing it to accumulate and contribute to environmental pollution. Current methods for extracting titanium from TBFS include acid leaching, alkali fusion roasting, high-temperature carbonation–low-temperature chlorination, electrochemical molten salt electrolysis, and selective enrichment. However, these methods still face challenges such as environmental impact, high costs, low Ti recovery, and low Ti grade. This paper summarizes the mechanisms and characteristics of the above methods. Future research should focus on integrating pyrometallurgy with beneficiation processes, followed by further purification of titanium-rich phases through hydrometallurgy. Additionally, combining this with novel separation technologies (such as microwave and superconducting magnetic separation) will optimize the dissociation of titanium-bearing phases after enrichment.