Abstract: This study explores the key physicochemical factors affecting the hydrophilic characteristics of iron mine blasting dust (BD). The BD is separated into an unwetted part (UWBD, hydrophobic part) and a wetted part (WBD, hydrophilic part). Its particle size, true density (TD), pore parameters, mineral composition, and surface compounds are comprehensively characterized and compared. The results indicate that a smaller particle size and more developed pore parameters are two key factors responsible for the strong hydrophobicity of the BD. The mineral composition of the BD has no direct effect on its wetting properties; however, it indirectly influences the deposition characteristics of the BD in water by affecting its TD. Unlike coal dust, the surface organic composition of the BD does not affect its wettability and the peak area of C-C/C-H hydrophobic groups in the C 1s X-ray photoelectron spectrum of the UWBD (45.03%) is smaller than that in the C 1s spectrum of the WBD (68.30%). Thus, eleven co-influencing processes of physicochemical properties of the BD on its wettability are summarized. This research sheds light on the key factors affecting the wettability of the BD.