The depletion of high-grade iron ore reserves has increased interest in beneficiating fine-grained, low-grade iron ores, including those from the Tang Zagh deposit in southern Iran. This study evaluated multi-gravity separation (MGS), wet high-intensity magnetic separation (WHIMS), and a combined MGS–WHIMS flowsheet for upgrading a low-grade iron ore sample containing 45.56% total Fe. Individual tests were conducted on three particle size fractions with d₉₀ values of 38, 75, and 150 µm using three-stage rougher–cleaner–recleaner circuits under fixed operating conditions. In addition, combined tests were conducted on the particle size fractions with d₉₀​ values of 38 and 75 µm. Metallurgical performance was compared using concentrate grade, iron recovery, and the separation efficiency (S.E.) index. Both MGS and WHIMS showed a clear grade–recovery trade-off with decreasing particle size. WHIMS produced the highest concentrate grades, reaching 62.18% Fe, but showed substantially lower recovery, particularly in the finest fraction, where recovery declined to 13.60%. In contrast, MGS provided a better balance between grade and recovery, achieving 60.56% Fe at 39.13% recovery for the d₉₀ = 38 µm fraction and outperforming WHIMS in overall separation efficiency. Relative to the three-stage WHIMS tests, the combined MGS–WHIMS circuit resulted in higher recovery and separation efficiency (S.E.), while producing concentrates with 62.10% Fe at 27.72% recovery for the d₉₀ = 38 µm fraction and 60.79% Fe at 34.92% recovery for the d₉₀ = 75 µm fraction. However, its overall separation efficiency remained lower than that of a standalone three-stage MGS. These results indicate that a three-stage MGS is the most effective route among the tested options for beneficiating fine-grained Tang Zagh iron ore. While, the combined circuit may be considered when a higher concentrate grade is prioritized over maximum recovery.