We have studied the effect of time-dependent ionization and recombination processes on magnetic reconnection in the solar corona. Petschek-type steady reconnection, in which model the magnetic energy is mainly converted at the slow-mode shocks, was assumed. We carried out the time-dependent ionization calculation in the magnetic reconnection structure. We only calculated the transient ionization of iron; the other species were assumed to be in ionization equilibrium. The intensity of line emissions at specific wavelengths were also calculated for comparison with {it Hinode} or other observations in future. What we found is as follows: (1) iron is mostly in non-equilibrium ionization in the reconnection region, (2) the intensity of line emission estimated by the time-dependent ionization calculation is significantly different from that with the ionization equilibrium assumption, (3) the effect of time-dependent ionization is sensitive to the electron density in the case that the electron density is less than $10^{10}$ cm$^{-3}$, (4) the effect of thermal conduction lessens the time-dependent ionization effect, (5) the effect of radiative cooling is negligibly small even if we take into account time-dependent ionization.
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