The volume of tailings produced by the extractive industry has been increasing due to the processing of the low-grade ore. This issue can cause environmental accidents and require significant investment to control the disposal of tailings. Therefore, this study aims to recover iron from zinc mine tailings by wet magnetic separation followed by the carbothermal reduction of self-reducing briquettes. Two magnetic separation routes were investigated to concentrate iron. Zinc mine tailings were processed by route I, in a rougher stage followed by a scavenger stage; and route II, in a rougher stage followed by a cleaner stage. The carbothermal reductions were performed using self-reducing briquettes composed of Fe concentrate from the route with high Fe content and charcoal. The products were analyzed by scanning electron microscopy with energy dispersive spectroscopy (SEM-EDS), x-ray diffraction (XRD), inductively coupled plasma optical emission spectrometry (ICP-OES), and volumetric chemical analysis. Magnetic separation route II provided the highest-grade Fe concentrate, 52% Fe, while route I provided 33% Fe. In the carbothermal reductions, a metallization degree of 98% in the Fe concentrate briquette, 97% in the briquette with a 10% replacement of its raw material by Fe concentrate, and 99% in the hematite briquette was reached. The replacement of raw material by Fe concentrate showed no significant change in Fe recovery. Considering the whole process, magnetic separation and carbothermal reduction, the recovery of Fe from the zinc mine tailings was 67%. Therefore, the process route suggested in this study will not only reduce tailings disposal and consequently the risk of environmental accidents, but it will also provide profitable raw material for the steel industry.