The present study focuses on the refractory upgrade and reuse of the mining wastes/by-products of the magnesite mine “Grecian Magnesite SA” (Chalkidiki, N. Greece), by the addition of hematite (α-Fe2O3) nanomaterial. These by-products were also examined after the application of thermal pre-treatment, i.e., treated at 850 °C for 30 min, prior to sintering. Different thermal treatments and times were applied, aiming to induce the formation of forsterite and attempting to examine the respective effects on the refractory properties of up-cycled products. The results indicate that hematite addition of 5 wt.% can improve the major refractory parameters of products, whereas the applied thermal pre-treatment was not found to be particularly beneficial. Nevertheless, the optimum results were realized after thermal treatment at 1300 °C for 120 min heating time, also revealing that the initial mineralogical content of the examined mineral wastes is a key factor for the subsequent upgrade ranking of the final product.