Abstract: Magnetizing roasting stands as one of the most effective techniques for processing complex and refractory iron ores. This study investigated the synergistic advantages of integrating dry grinding with suspension magnetizing roasting, using dry−processed powder samples from Jiuquan Iron & Steel Group as the raw material. A systematic experimental program of suspension magnetizing roasting followed by magnetic separation was conducted. The research focused on elucidating the influence of key parameters—namely roasting temperature, reducing gas (CO) concentration, roasting duration, grinding fineness, and magnetic field intensity—on the separation efficiency to determine the optimal processing conditions. The primary valuable minerals in the raw ore were identified as hematite and siderite. The suspension magnetizing roasting−magnetic separation tests revealed that the following optimal conditions yielded the highest performance: a roasting temperature of 475 ℃, a CO volume concentration of 20%, a roasting time of 6 minutes, a grinding fineness of 100% passing 0.125 mm, and a magnetic field intensity of 160 kA/m. Under this optimized regime, a magnetic concentrate with an iron grade of 56.75% and an iron recovery of 91.71% was successfully obtained. Phase and component analyses demonstrate that during the roasting process, hematite and siderite are efficiently converted into magnetite. Post−separation, the distribution rate of magnetic iron in the concentrate reaches 93.25%, while the content of harmful elements is significantly reduced. This investigation highlights the inherent advantages of dry grinding, which simplifies the overall flowsheet, reduces energy consumption, and ensures seamless integration with the subsequent roasting stage. The findings provide a novel process combination and robust technical support for the application of suspension magnetizing roasting technology in utilizing challenging iron ore resources.