Carbothermic reduction–magnetic separation and acid leaching processes were used to produce TiN and direct reduced iron (DRI) from titanomagnetite concentrates. The effects of sodium borate on the reduction behavior of TMCs, the magnetic separation of the reduced products, and the purification of the impure TiN by acid leaching were investigated. Results of x-ray diffraction, scanning electron microscopy, and energy-dispersive spectroscopy analysis showed that magnesium aluminate spinel (MgAl2O4) was generated in the reduced products, which could hinder the purification of the TiN. Adding sodium borate not only inhibited the formation of MgAl2O4, but also promoted the formation of TiN by decreasing the roasting temperature and time. Adding sodium borate slightly affected the separation of metallic Fe and TiN. By adding 16% sodium borate, a DRI with 94.3% Fe, 0.6% Ti, and 0.1% V was obtained by magnetic separation. After HCl + HF leaching, the TiN product containing 74.1% Ti and 2.8% V was obtained with the Ti recovery of 94.6% and V recovery of 58.3%.