The oolitic hematite will be a potential source of raw iron ore for the Chinese iron and steel industry. Up to now, the oolitic hematite have hardly been utilized effectively by any single traditional technology. The deep reduction assisted with microwave radiation may be a practical technology for the exploitation of oolitic hematite. The results show that the metallization rate can be obtained to 88.91%, and the iron recovery up to 90.70% for the oolitic hematite with an iron content 51.19%, when the deep reduction parameters are as follows, the reduction temperature is 1050°C, the residence time is 45min, and the ratio of reducing agent is 24%.