The Sijiaying iron deposit is located in the Eastern Hebei area of the southern section of the northern margin of the North China Craton (NCC) and is the largest single iron deposit in China. The deposit contains many banded iron formations (BIFs) and was proven to have more than 3 million tons of high-grade iron ore resources. This study carried out geochemistry and zircon U–Pb analysis of normal-grade iron ore, high-grade iron ore, and wall rock (biotite–leptynite, chlorite–sericite schist) in the Sijiaying deposit and discussed the genesis and metallogenic age of high-grade iron ore. BIFs have low concentrations of Al2O3 and TiO2 and high field strength element (HFSE) depletion, indicating almost no contamination via terrestrial debris. The standardized post-Archean Australian shale (PAAS) rare earth element (REE) distribution pattern indicates that the iron formation exhibits positive Eu, Y, and heavy rare earth element (HREE) anomalies and lacks negative Ce anomalies, indicating that the Sijiaying BIF was enriched with iron sources via high-temperature hydrothermal fluids from the seabed and deposited in an anoxic ancient marine environment. In addition, geological field work identified two types of high-grade iron ore in the mining area: primitive sedimentary and hydrothermally altered high-grade iron ore. Further ore geochemical research showed that the primitive sedimentary-type iron ore is similar in geochemistry to the BIF. In addition to low Eu/Eu* values, the hydrothermally altered high-grade iron ore shows geochemical characteristics similar to those of the BIF, suggesting that they share the same iron source but did not form at the same time. The total large ion lithophile element (LILE) (Sr, Ba, Pb) contents in primitive sedimentary-type high-grade iron ore are higher than those in hydrothermally altered high-grade iron ore, indicating that LILEs are carried away via fluids during the hydrothermal alteration process in normal-grade iron ore. The geochemical characteristics of biotite–leptynite and chlorite–sericite schist include high contents of SiO2 and Al2O3, light rare earth elements (LREEs), LILE enrichment (Rb, Ba, Sr, Zr), and HFSE depletion (Nb, Ta, P, Ti), characteristics that are similar to island arc volcanic rocks. The reconstruction of the original rock indicates that the wall rock is a product of volcanic sedimentary cycles in an island arc setting. Zircon cathodoluminescence images and LA–ICP–MS zircon U–Pb dating can be divided into four age groups (3283 Ma, 2547 Ma, 2500 Ma, and 2407 Ma), which correspond to the earliest volcanic activity in eastern Hebei, the main mineralization age of the Sijiaying BIF (the mineralization age of primitive sedimentary high-grade iron ore), a regional tectonic–metamorphic event, and the occurrence of migmatization (the mineralization age of hydrothermally altered high-grade iron ore), respectively. Therefore, the Sijiaying BIF and primitive sedimentary high-grade iron ores were deposited and mineralized at 2547 Ma, and the iron orebody was later altered via the hydrothermal solution at 2407 Ma, forming large-scale high-grade iron ores.