The increasing annual emissions of iron ore tailings have proved a great threat to the natural environment, and the shortage of natural river sand, as well as the pursuit of sustainable development materials, provides motivation to reuse iron ore tailings as a fine aggregate in concrete. Due to the significantly different properties of iron tailings sand compared with natural river sand—such as the higher density, higher content of limestone particles smaller than 75 μm and its rough and angular shape—concretes prepared with iron tailings sand show remarkably higher shrinkage. This study presents the shrinkage characterization and shrinkage-reducing efficiency of three different methods on iron tailings, sand concrete and river sand concrete. The internal humidity was also monitored to reveal the shrinkage-reducing mechanism. The obtained results indicated that the autogenous and total shrinkage of iron tailings sand concrete were 9.8% and 13.3% higher than the river sand concrete at the age of 90 d, respectively. The shrinkage reducing agent (SRA) was the most effective shrinkage reducing method for river sand concrete, while for iron tailings sand concrete, super absorbent polymer (SAP) and controlled permeable formwork liner (CPFL) it worked best on autogenous shrinkage and drying shrinkage, respectively. Furthermore, the shrinkage mitigation strategies worked earlier for the drying shrinkage behavior of iron tailings sand concrete, while no such condition could be found for autogenous shrinkage.