Abstract: Australia is one of the countries with the richest iron ore resources in the world. 90% of proved iron ore resources belong to the Hamersley iron province and Midwest iron ore district in Western Australia. The Midwest iron ore district is likely to become a newly emerging iron district which might replace the Hamersley iron province whose iron resources are getting exhausted. Based on an analysis of the geological features of the Midwest ore district and a comparison of metallogenic characteristics with the other iron provinces (areas) in the world, it can be concluded that the mineralization of the Midwest ore district is of the Algoma-type, and such characteristics as the Archean banded iron formation, the positive terrain, the rich iron red earth on the earth’s surface and magnetic anomaly constitute the main ore-hunting indicators in the Midwest iron ore district. Based on an analysis of the investment situation of the study area, the authors also put forward some investment proposals.