Iron ore tailings (IOTs), the residue materials generated during iron ore processing, pose environmental challenges due to their massive volume and potential impact on ecosystems. This study proposes a sustainable approach to manage and utilize this solid waste by converting it into value-added composite materials through high-temperature thermochemical reactions. Experiments are conducted in a tubular reactor at various reaction temperatures and times, and the resulting product samples are comprehensively characterized to elucidate their chemical compositional, physical, microstructural, thermal, and electrical properties. The results reveal that at optimal reaction temperatures (1230–1260 °C) and reaction times (20–120 min), the synthesized product is predominantly composed of diopside (CaMgSi2O6) and akermanite (Ca2MgSi2O7). Additionally, we demonstrate that the product can be diopside-rich or akermanite-rich when blending silica and MgO powders into the IOTs to control the starting material composition, opening a promising avenue for large-scale sustainable utilization of industrial solid waste.