Vanadium(v) and chromium (Cr) are important strategic resources due to their outstanding physicochemical properties. Due to their similar physical and chemical properties, V and Cr are often associated and coexist in many minerals. This review highlights the significance of V and Cr extraction and separation from high-chromium vanadium slag, emphasizing the key separation techniques. Current strategies for vanadium–chromium separation include separation during the extraction process, that is selective extraction of one of the elements from the slag and co-extraction of vanadium and chromium into solution followed by separation of vanadium and chromium from the solution. Both strategies are pivotal for optimizing the extraction process and enhancing industrial applications. This comprehensive review provides insights into the separation methods, addressing the challenges and advancements in the field. The elucidation of the importance of vanadium and chromium, coupled with a detailed analysis of high-chromium vanadium slag and current separation techniques, contributes to the utilization of vanadium–titanium-bearing magnetite resources with a high content of chromium and also evolves the knowledge in this critical area.