In this paper, the reaction kinetic mechanism of Fe2O3 powder containing carbon was studied by microwave magnetizing roast. Based on the temperature-rise curve and weight loss curve of Fe2O3 powder by microwave magnetizing roast, the kinetic parameters of Fe2O3 powder microwave magnetizing roast were calculated by non-isothermal methods. The controlling steps of different temperature-rising periods in microwave magnetizing roast process of Fe2O3 powder were calculated by the Achar-Brindley-Sharp-Wendworth method. The results indicated that the controlling step of microwave magnetizing roast was phase boundary reaction control of contracted cylinder in 250~450°C, and it was three-dimensional diffusion control of spherical symmetry in 450~650°C. The results showed that the starting temperature of reduction roasting of Fe2O3 powder was 250°C, which was lower than that under electrical heating, thereby, it proved in theory that microwave heating can enhance reaction rate.