The Magnetite iron deposit located in the Taxkorgan region is the biggest magnetite ore deposit in the southern part of Xinjiang. It is found by Henan Institute of Geological Survey in 2003 during the 1/250 000 regional geological survey. Based on the latest prospecting exploration data of the deposit geology, orebodies and ore-structure characteristics, it is concluded that the Taxkorgan magnetite iron deposit belongs to sedimentary-metamorphic type. Therefore, the further prospecting direction in this region should be focused on the synclines core area of the second lithologic segment in the Paleoproterozoic Bulunkuole Group.