Grinding is the most energy-intensive step in mineral beneficiation processes. The use of grinding aids (GAs) could be an innovative solution to reduce the high energy consumption associated with size reduction. Surprisingly, little is known about the effects of GAs on downstream mineral beneficiation processes, such as flotation separation. The use of ecofriendly GAs such as polysaccharide-based materials would help multiply the reduction of environmental issues in mineral processing plants. As a practical approach, this work explored the effects of a novel polysaccharide-based grinding aid (PGA) on magnetite's grinding and its reverse flotation. Batch grinding tests indicated that PGA improved grinding performance by reducing energy consumption, narrowing particle size distribution of products, and increasing their surface area compared to grinding without PGA. Flotation tests on pure samples illustrated that PGA has beneficial effects on magnetite depression (with negligible effect on quartz floatability) through reverse flotation separation. Flotation of the artificial mixture ground sample in the presence of PGA confirmed the benefits, giving a maximum Fe recovery and grade of 84.4 and 62.5%, respectively. In the absence of starch (depressant), PGA resulted in a separation efficiency of 56.1% compared to 43.7% without PGA. The PGA adsorption mechanism was mainly via physical interaction based on UV–vis spectra, zeta potential tests, Fourier transform infrared spectroscopy (FT-IR), and stability analyses. In general, the feasibility of using PGA, a natural green polymer, was beneficial for both grinding and reverse flotation separation performance.