To address the storage and environmental pollution issues of iron smelting slag, beneficiation experiments for efficient iron recovery were conducted based on ore property characterization. Results show that direct magnetic separation only obtains an iron concentrate with a TFe grade of 72.38% and recovery of 27.26%, indicating that grinding is necessary for mineral liberation. When the grinding fineness of the -45 μm fraction reaches 92%, a rough concentrate with a TFe grade of 79.31% and recovery of 79.18% is obtained by low-intensity magnetic separation. After magnetic suspension cleaning, the final iron concentrate achieves a TFe grade of 80.81% and a total recovery of 76.91%. The combined process of "ball mill grinding-drum magnetic separator roughing-magnetic suspension cleaning" is recommended. When the grinding fineness of the -45 μm fraction is above 92%, an iron concentrate with a TFe grade over 80% and recovery above 75% can be obtained. This process is scientific, economical and environmentally friendly, providing a reference for iron recovery from similar smelting slags.