The metallurgical properties of oxidized pellets are of great importance to achieve high efficiency and smooth running of blast furnace and gas-based direct reduction shaft furnace. In this study, the new method of adding B-Mg compound additive has been put forth to improve metallurgical properties of pellets. The effects of adding B-Mg additive on the strength of green balls, cold compressive strength, reduction swelling, and the strength after reduction and cooling of oxidized pellets are investigated through the experiments and microstructure analysis. The results revealed that, the B-Mg additive has not-so-remarkable effects on the properties of green balls. The rational addition amount of B-Mg additive is 0.6 %, and B-Mg additive make it feasible to reduce roasting temperature of the pellets. High temperature properties show remarkable improvement with the increase of B-Mg additive amount, the RSI decrease from 14.7% to 7.17%, and the strength of pellets after reduction and cooling increase from 162.5 N to 650.8 N when the addition amount increases from 0 to 0.6%.