This paper explores the effects of reductant, flux, reduction temperature and reduction time on the iron content and iron recovery rate of the deep reduction product from copper slag containing 41.47% of iron. Through a series of tests, it is concluded that reduction temperature and reduction time are leading influencing factors on the two indices of the product. Magnetic metallic iron powder with low S and P contents, high iron content (92.96%) and high iron recovery rate (93.49%) were produced through deep reduction magnetic separation using coke powder as reductant and CaO as flux under 1,300 °C for 2h. The scanning electron microscopy (SEM) and energy-dispersive spectrometry (EDS) patterns show that the metal iron particles were uniform in particle size, regular in shape and simple in intercalation relationship, with no inclusion of other slag phases, making it easy to achieve monomer dissociation by grinding.