Three variably old groups of banded iron formation (BIF) are known in the Kostomuksha Greenstone belt (KGB) of the Karelian Craton. This paper deals with the earliest of them, Mesoarchean (2.87–2.81 Ga) – BIF-1. BIF-1 occurs among the komatiite-basalt unit of the KGB. BIF-1 consists mainly of quartz and magnetite, with varying amounts of amphibole, biotite, and garnet; they contain 48.3-58.6 SiO2 and 21.34–33.82 wt. %, Fe2O3T, suggesting that the rocks are BIF. BIF-1 of the KGB, as well as most Archean BIFs, contain high Fe2O3T, concentration, display a contrasting positive Eu anomaly, lost of Ce anomaly, the depletion of LREE relative to HREE. However, they stand out among other BIFs with high Al2O3, TiO2, MgO, K2O, Cr, Ni, Zr, Ba, Cu and Zn concentrations. BIF-1 was formed in a marine basin in an anoxic atmosphere due to hydrothermal fluids, the proportion of which varies from 20 to 80 %, and a terrigenous component derived mainly from basalts, komatiites, and dacites in host rocks. Mesoarchean BIF-1 of the KGB s was formed in a small rift within an oceanic volcanic plateau, the formation of which is associated with the influence of a mantle plume on the oceanic lithosphere.