The ortho−para hydrogen (o−p H 2 ) conversion is an essential intensification process for the liquefaction, storage, and transportation of H 2 , which is highly desired for harnessing liquid hydrogen. Iron-based catalysts have been demonstrated as the most promising candidates for o−p H 2 conversion because of their inexpensive and stable catalytic properties; however, the reactive active sites and catalytic mechanism remain hitherto unclear. In this contribution, a series of γ-Fe 2 O 3 nanoparticles were prepared via a simple thermal treatment process and thoroughly characterized for exploring their structure−function relationship as o−p H 2 conversion catalysts. A tremendous increased reaction rate constant for o−p H 2 conversion was achieved using Fe 2 O 3 -2 as a catalyst, which is 2 orders of magnitude higher than that of the pristine γ-Fe 2 O 3 . Results from Mossbauer measurements demonstrated a positive correlation between the Fe 3+ in the tetrahedral-site (A-site) and the o−p H 2 conversion performance. Additionally, the higher saturation magnetization, pore volume, and specific surface area were also demonstrated to be critical for o−p H 2 conversion. Our work provides an in-depth insight into the key structural factors in iron oxide triggering o−p H 2 conversion, which shall pave the way toward the design of novel efficient catalysts for practical application.