Red pitting rust is Fe2O3, a darker surface, non-pitting rust called a "patina" is Fe2O4 and possible some other additives pending what caused the patina, (vinegar, citric acid, whatever else you cut that had a ph balance of <7)
You can restore a blade but the rust won't turn back to usable steel, we're not alchemists here lol. Just let it sit in a container of vinegar and let it do its thing. Scrub off after a couple days and you should a relatively fresh blade, lots of patina on it though, so take it through some Sandpaper grits