Abstract: With the implementation of China’s green development strategy, the resource utilization of iron ore tailings has become increasingly important. Nowadays, iron ore tailings are widely used to prepare construction materials such as building sand and mineral admixtures. Their resource potential is not fully developed, and the preparation of high−value products would become future research hotspots. This work reviews the research progress on the preparation of high−value novel materials from iron ore tailings, including novel construction materials such as glass−ceramics, foamed ceramics, composite ceramics, black vitrified bricks, thermal insulation composites, and microwave absorbing glass−ceramic tile, siliceous mesoporous materials, high purity quartz sand and agricultural soil amendment. Based on the mineral composition and characteristics of iron ore tailings, the challenges faced in the production of high−value novel materials are discussed. To promote the efficient utilization of iron ore tailings, it is recommended that suitable utilization modes should be explored based on the types of iron ore tailings. Large−scale utilization and high−value utilization should be considered simultaneously in the tailings resource process, to achieve both the high utilization rate of iron ore tailings and added−value of products. Thus, dual economic and environmental benefits can be obtained in resource utilization of iron ore tailings.