This chapter deals with the characterization and assessment of iron ore tailings (IOT) as raw materials for the construction industry. This chapter specifies the production process of iron ore and generation of waste material followed by listing the nature and prospective issues of IOT. Methods of IOT characterization are explained through five elements, which are chemical composition, leaching behavior, thermal stability, mineralogical characterization, and morphology. The experimental program and research results of this study are explained in six subtitles, namely chemical composition, leaching behaviour, thermal stability, x-ray diffraction pattern, Fourier transform infrared spectroscopy (FTIR), and field emission scanning electron microscopy (FESEM/EDX). Results revealed that the IOT materials are suitable for use in construction and building industries due to their substantial silica and alumina contents and could possibly be used to fabricate paving blocks, sand-crete blocks, mud blocks, geopolymer bricks, and ceramic floor tiles.