The method of microwave heating to reduce ilmenite and prepare the electrode coating material with combined reducing agent and additive was adopted. The use of combined reducing agent to improve the reduction rate, reduces the amount of impurities and harmful element and also greatly reduces the cost; and using additives (Na2CO3) to reduce the activation energy of reaction, strengthen the ilmenite reduction reaction and shorten the reaction time. Compared with conventional heating method, microwave has a high efficiency, energy saving, environmental protection, strengthen the reaction, etc. In single factor experiments under the conditions of reduction temperature 1150℃ and reduction time 100min, experimental research on the reducing agent for reduction of ilmenite anthracite coal and charcoal. Reductant with composite reductant anthracite coal and charcoal composite and under verified by experimental verification and the cost, the research concluded that the composite reductant ratio of anthracite, charcoal 11∶3. The use of composite reducing agent can reduce the cost of 300-400 yuan/t. The experiment also proves the additive Na2CO3 (AR) intake and reinforcement, the results show that under the optimal proportion of 3% can shorten the reaction time of about 20min.