The invention discloses a beneficiation method for iron extracting and sulfur reducing for high-sulfur magnetic iron ore. The method is used for beneficiation of high-sulfur magnetic iron ore with the raw ore TFe grade ranging from 55% to 59% and the TS content ranging from 3% to 4%. The following technologies and steps that firstly, the high-sulfur magnetic iron ore is subjected to ore grinding and classifying-low intensity magnetic separation work; secondly, one-step floating pyrite removal work is conducted, butyl xanthate is adopted as a collecting agent for the pyrite, and 2# oil serves as a foaming agent; and thirdly, two-step floating pyrrhotite removal work is conducted, primary roughing and primary scavenging are adopted, oxalic acid is adopted as a pH value adjusting agent and an activating agent for the pyrrhotite, butyl xanthate is adopted as a collecting agent for the pyrrhotite, and 2# oil serves as a foaming agent are adopted. The beneficiation method has the beneficial effects that the iron concentrate TFe grade is high, the content of the harmful impurity S is low, production is stable, and safety and high efficiency are achieved; and safety risks are reduced; and the oxalic acid (solid) is adopted for replacing concentrated sulfuric acid to serve as the pH value adjusting agent and the pyrrhotite activating agent, operation is simple and feasible in production, and more safety and reliability are achieved.