The Litun iron ore deposit is a hidden magnetite deposit discovered in Qihe—Yucheng area, Shandong Province in recent years, this is a new geological prospecting discovery in the blank area of iron ore. The depth of the ore body is more than 1000 meters, but the ore grade is very high, it has a good prospect and research value.Methods: In this paper, the geological and geochemical characteristics of ore deposits are systematically studied through detailed field investigation, indoor microscopic observation and geochemical analysis. The near- ore and far- ore magmatic rocks and typical ore samples were collected in the Litun deposit, and the main, trace and rare earth elements were analyzed. The equipments used to test the main elements are Axios max and Axios PW 4400 X- ray fluorescence spectrometer, X Serise 2 and ELANDRC- e ICP- MS were used for the trace and rare earth elements.Results: Magnetite bodies are hosted in sand and mudstone strata near the contact zone between Litun rock mass and carboniferous — Permian strata. The distribution model of trace elements in rock mass of Litun iron ore deposit has a good consistency, with enrichment of large ion lithophile elements (LILEs) Rb, Ba, Sr, etc., and loss of high field strength elements (HFSEs) Zr, Nb, Ta, etc. The magnetite ore is rich in the element Sr and lost K(LILEs)，rich in U, P, Hf, Ta, and lost Nb, Ti(HFSEs). The rare earth elements in rock mass and magnetite ore show a right- leaning distribution model of light rare earth enrichment and heavy rare- earth loss. Conclusions: The litun iron ore deposit was formed during the large- scale and rapid lithospheric thinning period, and the metallotectonic background should be plate extensional setting. The magmatic source of Litun rock mass is crust—mantle mixed source and magmatic melt produced by partial melting of spinel phase lherzolite. The metallogenic material is derived from the deep source magma and magmatic rocks it formed. Magnetite mineralization is closely related to Litun rock mass, the genetic type of the deposit is contact metasomatic skarn iron deposit.