A process for combined production of a metal alloy containing zirconium, iron, silicon and aluminum and of zirconium corundum, comprising melting in a furnace a mixture of a zircon concentrate, an iron ore and aluminum taken in a ratio by weight of 51-69:9.9-16.5:19.8-34.8, respectively, at a temperature within the range of 1,950.degree. to 2,000.degree. C. to form a metal alloy consisting of Zr, Fe, Si and Al and a zirconium corundum, pouring the zirconium corundum from the furnace adding to the remaining alloy fluxes taken in an amount of 5 to 35 of the weight of the zircon concentrate and ferrosilicon taken in an amount of 3 to 102% by weight of silicon of the total weight of the zirconium concentrate and a substance selected from among ferrosilicomanganese, ferromanganese and metallic manganese taken in an amount of 3 to 26% by weight of manganese of the total weight of the zirconium concentrate, melting at a temperature of 1,950.degree. to 2,000.degree. C. to produce the metal alloy consisting of Zr, Fe, Si, Al and Mn and a waste slag substantially free of Zr and pouring the metal alloy and slag separately from the furnace.