To develop a novel and clean smelting process for the comprehensive utilization of Hongge vanadium titanomagnetite (HVTM), this work determined the influence of B2O3 on the oxidation and induration process of HVTM pellets (HVTMP). The oxidation degree, compressive strength, porosity, crystalline phase, microstructure, and induration degree of HVTMP were comprehensively investigated, and the relevant mechanisms were discussed. The results indicated that B2O3 decreased the oxidation degree and porosity of HVTMP, while the compressive strength was clearly enhanced. Increasing the amount of B2O3 did not significantly affect the crystalline phase, but it decreased the XRD peak intensity. The induration degree appreciably increased after the addition of B2O3 because it favored the generation of liquid phases and increased the average grain size by creating a dense and continuous bonding structure. Additionally, B-rich phases were mainly uniformly distributed in the liquid phases along the grain boundaries. Based on the experimental results, the induration mechanism of HVTMP with different amounts of B2O3 was proposed. This study provides a theoretical and technical foundation for the effective production of HVTMP.