The invention provides a method for recovering iron concentrates from alumina red mud, adopting the following technical scheme: a medium-intensity magnetic separator is adopted to recover the stronglymagnetic iron concentrates after red mud tailings are subjected to slag separation, then the obtained tailings are subjected to open rough separating and refined separating by a high gradient magnetic separator to recover weakly magnetic iron concentrates, combining the strongly magnetic iron concentrates and the weakly magnetic iron concentrates and carrying out dehydrating to obtain the iron concentrates. An slon vertical ring pulsating high gradient magnetic separator is selected to replace the traditional high gradient magnetic separator, and the medium-intensity magnetic separator is adopted to recover the strongly magnetic iron concentrates before. The method provided by the invention can be used for efficiently recovering the iron concentrates from the alumina red mud, and the obtained iron concentrates have high grades and good recovery rate; therefore, the method increases the utilization ratio of the alumina red mud, reduces the environmental pollution and is suitable for large-scale application.