The formation mechanism of high-valence iron oxides on the lunar surface is one of the key issues in planetary science. To reveal the formation conditions and evolutionary processes of such minerals, this study conducted detailed microstructural characterization and iron valence-state analyses of spherical magnetite particles identified in Chang'e-5 lunar soil. The results show that the particle is composed of micrometer-scale magnetite grains cemented by Si—O amorphous material lacking volatile elements such as F and Cl. Combined with its spherical morphology, internal cavity, aggregated grain texture, and Si—O-rich amorphous material between grains, these features suggest that the spherical magnetite most likely formed in an impact-induced, oxygen-bearing silicate vapor/melt environment. Together with recent discoveries of high-valence iron oxides in Chang'e-5 and Chang'e-6 lunar soils, this study further demonstrates that impact-induced oxidation is a key mechanism for the formation of Fe³⁺-bearing minerals on the lunar surface, providing new constraints on local oxidizing environments and the origin of magnetic anomalies on the Moon. In addition, the Fe³⁺/ΣFe ratio within the outermost ~40 nm of the magnetite decreases to ~56.3%, which is highly consistent with the reduction depth caused by solar-wind H⁺/He⁺ implantation. This provides direct in situ mineralogical evidence for solar-wind-induced reduction of magnetite and has important implications for evaluating the effects of space weathering on the spectral characteristics of magnetite and for future lunar remote-sensing exploration.