The depletion of high-grade iron ore reserves has increased interest in the beneficiation of 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.