To provide a method capable of comparatively inexpensively producing vanadium or a vanadium alloy of high quality, by utilizing an electro-slag melting process for refining vanadium or vanadium alloy.

The method for refining vanadium or the vanadium alloy is performed by utilizing the electro-slag melting process with the use of a consumable electrode containing vanadium as an essential element. For the above consumable electrode in the electro-slag melting process, an alloy directly made by a thermit reaction from vanadium or a vanadium alloy having a suitable shape for the consumable electrode is employed.