Abstract: Fundamentals on the fast reduction of ultrafine iron ore at low temperature, including characterization of ultrafine ore, deoxidation thermodynamics of stored-energy ultra.fine ore, kinetics of iron ore deoxidation, and deoxidation mechanism, etc., and a new ironmaking process are presented in this article. Ultrafine ore concentrate with a high amount of stored energy can be produced by mechanical milling, and can be deoxidated fast below 700℃ by either the coal-based or gas-based process. This novel process has some advantages over others: high productivity, low energy consumntion, and environmental friendliness.