The invention provides a method for producing molten iron with high-phosphorus and low-iron refractory iron ore, comprising the following steps: taking high-phosphorus and low-iron refractory iron ore as raw material; taking wood coal as reducing agent; oxidizing roasting; directly reducing; magnetically separating and separating; melting and separating; dephosphorizing molten iron; and obtaining the low-phosphorus molten iron. The method can process the extremely refractory iron ore with high P content, high S content, high SiO2 content and low iron level, has high ore iron recovery rate, completely solves the difficulties of the high-phosphorus and low-iron refractory iron ore such as ore selecting and smelting, removing coke, and eliminating high-energy consumption and high-pollution technical process such as ore selecting, sintering, palletizing, coking, etc. Phosphorus-containing slag can realize resource comprehensive utilization. A great number of experiments and semi-industrial production demonstrate that the technical economic effect of the method is remarkable and effectively solves the current problem of ore resources supply-demand contradiction in China.