In this study, the effects of temperature, gas composition and reduction degree on the reduction swelling index (RSI) of high-chromium vanadium-bearing titanomagnetite (HCVT) pellets during reduction with H-2-CO-CO2 gas mixtures are investigated. The results show that the formation of massive wustite causes most of the volume expansion of the pellets. The swelling of HCVT pellets is intensified with the temperature and content of CO, and the RSI reaches a maximum at the reduction degree of 35-50%. In H-2/CO = 5/2 (volume ratio) with a temperature range from 1223 K to 1373 K, the maximum RSI increases from 14.68% to 22.54%. Nevertheless, when the ratio of H-2/CO increases from 2/5 to 5/2 at 1223 K, the maximum RSI of the pellets decreases from 21.25% to 19.55%. Meanwhile, the shrinking rate of the pellets also decreases from 33.20% to 27.26%.