In pursuit of environmental protection and green, low-carbon economic development, China has proposed the dual-carbon strategies of carbon peak and carbon neutrality. To achieve the dual-carbon goals, traditional steel metallurgical production processes are gradually shifting towards green and low-carbon hydrogen metallurgical processes. However, hydrogen metallurgical processes have strict requirements for raw materials and typically require the utilization of high-grade iron concentrates. The scarcity of high-grade iron ore in China severely constrains the development of hydrogen metallurgical processes. Therefore, this study proposes the utilization of ordinary magnetite concentrate to produce high-grade magnetite. Comprehensive analytical methods, including chemical analysis, X-ray fluorescence spectroscopy (XRF), X-ray diffraction (XRD) analysis, laser particle size testing, optical microscopy, scanning electron microscopy-energy dispersive X-ray spectroscopy (SEM-EDS), and mineral liberation analysis, were employed to elucidate the mineralogical characteristics of the iron concentrate. The analysis revealed that the iron concentrate had a total iron (TFe) grade of 65.56 %, with SiO2 and Al2O3 contents of 8.28 % and 0.38 %, respectively. Subsequently, a combined beneficiation process involving magnetic separation, flotation, and chemical leaching was conducted. Experimental results showed that a single magnetic separation obtained an iron concentrate grade of 67.52 % with an overall recovery of 86.18 %. Following magnetic separation, flotation was conducted to increase the concentrate grade. With one roughing and four cleaning flotation stages, a concentrate grade of 72.19 % and a 36.36 % overall recovery were achieved. A subsequent leaching operation after flotation yielded high-purity magnetite with a Fe grade of 72.30 % and an overall recovery of 35.68 %. The high-purity magnetite was confirmed to have a purity of up to 99.9 % based on chemical titration, XRD analysis, magnetic susceptibility measurement, and SEM analysis. Furthermore, detailed kinetics studies on leaching were conducted to elucidate the reaction mechanism, revealing an apparent activation energy of 25.70 kJ/mol. The successful implementation of this process will provide a benchmark for producing similar high-purity magnetite concentrates and contribute to China’s dual-carbon goals.