The potential-pH diagrams of the main components of Ti-bearing blast furnace slag (air-cooled slag) at 298.15 K (25 °C) and an ion activity of 1.00 were drawn by thermodynamic calculation. Thermodynamic analysis showed that the main metal components, when the Ti-bearing blast furnace slag is roasted with concentrated sulfuric acid, could be converted to sulfate. From these analyses, it can be seen that under strong acid conditions, the major metal components could react to form sulfate, and the effective separation of Ti, Mg, and Al can be achieved from both Ca and Si. Further experiments were performed with a 5.0% dilute sulfuric acid solution used to leach a Ti-bearing blast furnace slag sample that had been calcined with concentrated sulfuric acid, at a liquid–solid ratio of 10, a reaction time of 60 min, and a reaction temperature of 338.15 K (65 °C). This led to a leaching ratio of Ti above 85.0%, leaching ratios of Mg and Al higher than 95.0%, and leaching ratios of Fe and Ca of 45.7% and 24.7%, respectively. All these values were higher than the leaching ratios of Ti-bearing blast furnace slag.