The properties of flash-roasted products from low-grade refractory iron tailings (IGRIT) and the improved method for their magnetic separation index were investigated by the MLA, XRD, iron phase analysis, and magnetic separation test. The results show the siderite and hematite in the IGRIT have been converted to magnetic iron after the flash roasting treatment with a time of 3-5 s; magnetic iron in roasted products has a monomeric dissociation of 37.20%, and a 75−100% exposed area of contiguous bodies as rich intergrowth was 29.83%, and that a 32.97 poor intergrowth; moreover, magnetic iron is mainly associated with muscovite and quartz. It is also found that the regrinding-magnetic separation (1500 Oe) treatment of the middling was beneficial to obtain more qualified iron concentrate products. Therefore, roasted products magnetic separation process in the absence/ presence of the middling regrinding-magnetic separation treatment obtains an iron concentrate with 60.10%/ 60.12% iron grade and 72.04%/81.13% iron recovery. The iron concentrate from the magnetic separation process with middling regrinding-magnetic separation can have a 9% higher recovery than the process without middling regrinding-magnetic separation. The work is significant for helping to improve the utilization of IGRIT.