Well that vs. certainly seems to suggest Universal Reconciliation. But let us add a little context.
A text book example of quoting scripture out-of-context.
Malachi 3:3
3 And he shall sit as a refiner and purifier of silver: and he shall purify the sons of Levi, and purge them as gold and silver, that they may offer unto the LORD an offering in righteousness.
Malachi 3:5
5 And I will come near to you to judgment; and I will be a swift witness against the sorcerers, and against the adulterers, and against false swearers, and against those that oppress the hireling in his wages, the widow, and the fatherless, and that turn aside the stranger from his right, and fear not me, saith the LORD of hosts.
Malachi 3:17-18
17 And they shall be mine, saith the LORD of hosts, in that day when I make up my jewels; and I will spare them, as a man spareth his own son that serveth him.
18 Then shall ye return, and discern between the righteous and the wicked, between him that serveth God and him that serveth him not.
Malachi 4:1-2
1 For, behold, the day cometh, that shall burn as an oven; and all the proud, yea, and all that do wickedly, shall be stubble: and the day that cometh shall burn them up, saith the LORD of hosts, that it shall leave them neither root nor branch.
2 But unto you that fear my name shall the Sun of righteousness arise with healing in his wings; and ye shall go forth, and grow up as calves of the stall.
Note the distinction between those highlighted in vss. 3:5, 3:18 and 4:1 "but unto you that fear my name." The ones highlighted do NOT receive what those who fear His name receive.