The chemical and magnetic states of Fe/Fe2O3 thin films prepared by e-beam evaporation were investigated by using element-specific techniques, X-ray absorption spectroscopy (XAS) and X-ray magnetic circular dichroism (XMCD). It was clearly shown that the Fe layers are oxidized to form an antiferromagnetic (AFM) FeOx<1, while the bottom oxide remained a weak ferromagnet (wFM) (α+γ)-type Fe2O3. Dependences of the peak intensities and lineshapes on the Fe thickness and measurement geometry further demonstrate that FeOx<1 layers reside mostly at the interface realizing an FM (Fe)/AFM (FeOx)/wFM (Fe2O3), whilst the spin directions lie in the sample plane for all the samples. The self-stabilized intermediate oxide can act as a physical barrier for spins to be injected into the wFM oxide, implying a substantial influence on tailoring the spin tunneling efficiency for spintronics application.