Abstract: This is an essay in the field of mining engineering. Panzhihua is the largest vanadium-titanium magnetite resource base in China. With the development and utilization of vanadium titanium resources, a large number of tailings have been produced, which not only occupies a lot of lands but also useful ingredients are not fully utilized, resulting in resource waste. At the same time, there are certain safety and environmental risks. This paper selects 22 representative tailings ponds in the Panzhihua area to conduct systematic research on tailings resource potential, valuable element occurrence characteristics, availability, and economic value. Analysis shows that Panzhihua tailings contain a large number of valuable components and have a huge potential resource. The amount of iron metallicity is 52 million tons, with an average grade of 10.87%, titanium metallicity is 29.07 million tons, with an average grade of 6.08%, rare earth metallicity is 130300 tons, with an average grade of 272 g/t, cobalt metallicity is 42300 tons, with an average grade of 88 g/t, scandium metallicity is 122100 tons, with an average grade of 26 g/t, and the Phosphorus pentoxide is 2.49 million tons, with an average grade of 0.52%. There are two main directions for the multipurpose utilization of mineral tailings resources. One is secondary development and utilization, with advanced recovery and utilization of valuable elements such as iron, titanium, sulfur, cobalt, and phosphorus. The second is overall utilization, which is based on secondary recycling and appropriate allocation for the production of insulation building materials, cement, ceramics, glass, refractory materials, soil amendments, concrete, and construction sand. To achieve the overall utilization of tailings and ultimately solve the problems of tailings resource utilization, reduction, and harmless treatment.