In order to provide a reasonable mineral process technique for the development and utilization of a low-grade fine-grained iron ore in Shandong, such process tests as magnetic pulley discarding tailings, high-pressure roller mill, stage grinding stage magnetic separation and reverse flotation are conducted according to the characteristics of the ore. The results show that the process of “crushing and throwing-stage grinding (panning)-reverse flotation” is adopted, i. e. the -30 mm particle size raw ore is firstly subjected to magnetic pulley discarding tailings at 0. 45 T magnetic field strength and 2 m/s belt speed, the obtained -30 mm magnetic product is crushed to -12 mm, and dry magnetic separation is carried out under the conditions of 0. 30 T magnetic field strength and 100 r/min rotation speed; the obtained -12 mm magnetic product is then crushed to -2 mm by high pressure roller mill to perform wet weak magnetic separation under the field strength of 0. 30 T; the obtained -2 mm magnetic product is finely ground to -0. 075 mm particle size with a mass fraction of 70% , and wet weak magnetic separation is carried out under the magnetic field strength of 0. 15 T; the obtained -0. 075 mm magnetic products with a mass fraction of 70% mm grain size are re-ground to a mass fraction of -0. 045 mm grain size of 95% , and are subjected to wet weak magnetic separation under a magnetic field strength of 0. 14 T; the magnetic products obtained from the product are subjected to reverse flotation grade test, and the final closed circuit test can obtain iron powder with a total iron grade of 59. 14% , and the total iron recovery rate of the process is 45. 86%.