A large enhancement of the x-ray magnetic circular dichroism is observed at the iron K absorption preedge of magnetite. This is achieved by performing resonant inelastic x-ray scattering (RIXS) experiments with a 2p hole in the final state of the second-order optical process. We measured and calculated the full 1s2p RIXS planes for opposite helicities of the incoming circularly polarized x rays. The crystal field multiplet calculations show that the enhancement arises from 2p-3d Coulomb repulsions and 2p and 3d spin-orbit coupling. The observed magnitude of the RIXS magnetic circular dichroism effect is $16%. This opens up new opportunities for a broad range of research fields allowing for truly bulk-sensitive, element-, and site-selective measurements of 3d transition metal magnetic moments and their ordering using hard x-ray photons. X-ray magnetic circular dichroism (XMCD) is a powerful tool for the element-specific study of the magnetic structure of complex systems [1][2][3]. It enables at spin-orbit split absorption edges to determine spin and orbital magnetic moments by means of sum rules [4,5]. It has been almost 25 years since the effect of magnetic dichroism was anticipated for the x-ray absorption spectra [6] and the first experimental observations of the linear [7] and circular [8] x-ray magnetic dichroism spectra were reported. Over the years the techniques became a routine probe of elementspecific magnetization in antiferro-and ferro(ferri)-magnetic systems [9,10].The magnetic moments of 3d transition metals (TM) are generally studied at the L absorption edge, i.e., dipoleallowed 2p ! 3d transitions using soft x rays. Soft x-ray XMCD measurements are typically performed using total electron yield, because significant self-absorption effects that distort the spectral shape are observed when using total fluorescence yield detection. Thus, L-edge XMCD is mainly sensitive to the sample surface and, in addition, it is not compatible with demanding sample environments such as high-pressure cells, due to short penetration depth. Therefore, the 3d TM element-specific studies of bulk magnetic properties under extreme conditions, that require the penetrating properties of hard x rays, have been using K-edge XMCD [11,12] and K emission spectroscopy [12][13][14][15]. The latter is sensitive only to the spin and orbital momenta (S and L) of individual ions, but not to the magnetic moments (m s and m l ). As such, it does not provide quantitative information on interatomic magnetic interactions. The magnetic signal in K-edge XMCD is very weak and the absence of spin-orbit split edges prohibits a detailed quantitative interpretation. There is hence a need for a magnetic spectroscopy in the hard x-ray range that can provide information on the ordering and the value of magnetic moments. We show in this Letter that this goal can be achieved by combining XMCD with 1s2p resonant inelastic x-ray scattering (RIXS) at the K absorption preedge.A RIXS signal was observed for the first time in the early 1970s [16], but the t...