The invention discloses a method for smelting a ferrotungston-molybdenum-iron alloy by adopting a low-grade tungsten and molybdenum ore, and belongs to the field resource utilization of low-grade tungsten and molybdenum ores. The method includes the steps that a compound reducing agent is added into the low-grade tungsten and molybdenum ore, the proportion of the compound reducing agent and the low-grade tungsten and molybdenum ore is phi, as the formula shows in an original text that, wherein the value of gamma is 5-6, and the alpha is the mass ratio of modified silicon carbide to modified quartz; and the value of kappa is as the formula showing in the original text; and the compound reducing agent and the low-grade tungsten and molybdenum ore are added into a vacuum furnace, tungsten and molybdenum metal and slag are obtained through reduction, the tungsten and molybdenum metal and the slag are contained in a reaction furnace, steel scrap is added into the reaction furnace, temperature rising smelting is conducted, and the ferrotungston-molybdenum-iron alloy is obtained after smelting is completed. According to the method for smelting the ferrotungston-molybdenum-iron alloy by adopting the low-grade tungsten and molybdenum ore, tungsten and molybdenum in the low-grade tungsten and molybdenum ore can be utilized sufficiently, the harmful elements like P in the alloy can be reduced, and the quality of the alloy is improved.