Studying the dynamic behavior of magnetic particle suspensions in the low intensity magnetic separator has important implications for various mineral beneficiation processes. A new approach for fully coupled multi-physics modeling of the dynamic behavior of multi-type magnetic particles (MTMPs) is developed in the study. In this model, the particle tracing module is employed to identify and determine individual particle trajectories in the fluid and magnetic field, which are modelled through the COMSOL Multiphysics. The results show that the different arrangements of the permanent magnet assembly and the volume percentage of interlocked particles affect the dynamic behavior of MTMPs and the efficiency of the separation. The model is compared with experiments and the particle capture theory and the correctness of the solution obtained from COMSOL is demonstrated. The model gives new possibilities to control, optimise, and develop the process of LIMS.