High iron bauxite ore is a typical unmanageable polyparagenetic resource and owns high comprehensive utilization value. Separation of iron from fine particles of high iron bauxite ore by the process of metal-lized reduction and magnetic dressing was researched systemically. The effect of magnetic field intensity, reduction temperature, reduction time, mole ratio of fixed carbon to reducible oxygen (FC/O) and ore particles size on separation indexes was researched. The results show that, with the conditions of reduction temperature of 1,400 degrees C, reduction time of 180 min, FC/O of 2.0, ore particle size of -2.0mm and magnetic field intensity of 40 KA/m, about 89.24% of the iron could be removed from high iron bauxite ore as metallic iron. Meanwhile, 86.09% of the aluminum is stayed in non-magnetic fraction as alumina. However, the formation of hercynite (FeAl2O4) limits the reduction rate of iron oxides to metallic iron. The lower reduction conditions and higher recovery ratio of iron could be achieved with adopting ore-coal composite agglomerates or adding catalyst.