The carbonates of the Lower Devonian La Vid Group in the Cantabrian Zone (NW-Spain) reveal distinct variations in low-field magnetic susceptibility (MS) from base to top. There is good correlation between MS-variations and bulk Fe-content. A predominance of paramagnetic minerals (Fe-carbonate cements, pyrite, Fe-chlorite), mainly responsible for these MS-variations, is evidenced by optical methods, temperature-dependent MS-measurements and high-field magnetisation behaviour. These minerals are members of the diagenetic mineral assemblage formed during migration of a reducing Fe-bearing fluid. We interpret the variation in MS to reflect two stages of Fe-bearing mineral precipitation with an earlier Fe-carbonate and a later Fe-chlorite crystallisation; the latter restricted to interbedded carbonates and shales. Furthermore, porosity has an additional influence on the MS-signature, with high values in coarse-grained sandstones and carbonates, and lower values in fine-grained dolostones and limestones. This study highlights the influence of diagenetic mineral formation on MS-variations in carbonate-bearing successions.