The aim of this study was to develop a physical treatment method for obtaining iron concentrate with a grade higher than 60% from slag generated in the Waelz Kiln (WK) process. The size of the WK slag used in this work was several millimeters, with T-Fe and ZnO contents of 40.24% and 1.03%, respectively. The slag samples were pulverized in a laboratory rod mill for various grinding times, followed by a magnetic separation test under a low magnetic intensity of 0.05 T initially. The results showed that the highest iron grade was obtained from samples with a grinding time of 10 min. Additionally, for a grinding time of 20 min, the highest grade and recovery ratios were achieved at a magnetic intensity of 0.8 T. Based on these findings, the optimal physical treatment process proposed in this study resulted in iron concentrates with a grade of 61.34% and an enrichment ratio of 1.52.