The characteristics of siderite reductive ore and the ultrafine grinding-magnetic flocculation separation (MFS) of this ore were investigated in the present work. The results indicated that the iron phase in the raw ore was predominantly metallic iron with an iron particle size below 30 m, and the phosphorus compound was apatite. By applying MFS to siderite reductive ore containing 37.14% Fe and 0.52 P, a concentrate assaying 66.37% Fe and 0.19 P with 74.32% recovery was produced. The iron recovery increased by 5.77% compared with the results of the conventional magnetic separation. The high efficiency in phosphorus removal and iron recovery achieved by the MFS process may be attributed to the adequate liberation of iron particles and the increase in magnetic force on the iron mineral fines in the form of flocs in a magnetic field.