Abstract: China’s iron ore resource endowment is predominantly characterized by low grade, fine dissemination, and complex composition, coupled with a high reliance on external supplies. Thus, the efficient exploitation and utilization of ultra-low-grade magnetite resources hold profound significance for safeguarding national resource security. This paper offers a systematic overview of the resource attributes, development and utilization status, cutting-edge beneficiation technologies, and advancements in the comprehensive utilization of tailings concerning ultra-low-grade magnetite in China. Given the fine particle size of mineral intergrowth and the intricate associated components in ultra-low-grade magnetite, the “high-pressure grinding roll combined with pre-discarding of tailings” technology can effectively reduce the feed for grinding and elevate the feed grade. The integrated process of “staged grinding-magnetic separation - reverse flotation” stands as the mainstream technical route for upgrading iron concentrates and reducing impurities, with reverse flotation serving as the pivotal approach for producing high-purity iron concentrates. Furthermore, technologies encompassing the synergistic recovery of valuable components, the fabrication of construction materials, the substitution of substrates for ecological restoration, and CO₂ mineralization and sequestration, have opened up innovative avenues for the comprehensive utilization of ultra-low-grade magnetite tailings.