The kish graphite separated from molten iron is a kind of sustainable resource. Because of the huge production of pig iron, this method of recovering kish graphite from molten iron has a broad prospect. In this work, the effects of blowing argon into the molten iron, different initial temperatures, and different cooling rates of molten iron on the precipitation behavior of kish graphite were investigated using scanning electron microscope, X-ray diffraction, and Raman techniques. The results showed that blowing argon into molten iron can effectively promote the floating and separation of kish graphite precipitated from molten iron. The initial temperature of molten iron had a significant effect on the amount and size of kish graphite precipitation, which mainly manifested that the higher the initial temperature, the flatter and smoother the surface of kish graphite, and the larger the size of precipitation, and the larger the amount of precipitation. The larger the cooling rate was, the less the amount of kish graphite precipitated and the smaller the kish graphite size was, and the kish graphite with a larger size can be obtained at a slower cooling rate. In addition, the precipitated kish graphite was used as lithium-ion anode material, which showed excellent cyclic stability and high specific capacity. In conclusion, kish graphite with different surface structures and sizes can be obtained by controlling the process conditions, which proved the feasibility of obtaining kish graphite by cooling molten iron. On this base, two new kish graphite production processes were proposed to provide a theoretical reference for the industrialization of kish graphite precipitated from molten iron.