The invention discloses a three-product axial magnetic-field magnetic cyclone for magnetite separation and classification. The separation of coarse grain intergrowth bodies and magnetite is completedinside the novel magnetic cyclone, thereby on the one hand, avoiding over-grinding caused by the fact that magnetite ore grains with dissociation of some monomers and qualified granularity enter settled sand of the cyclone and then serve as returned sand, and on the other hand, reducing the subsequent treatment burden of a fine screen through separation of the coarse grain intergrowth body and themagnetite, reducing the burden of the fine screen technology, and even omitting the fine screen link. During the fine selection of magnetite, the magnetic cyclone can be used for replacing a magneticgravity separation column or a reverse flotation process, removes a large amount of fine mud and intergrowth bodies, and improves the grade of iron ore concentrate. The magnetic cyclone is provided with three discharging ports which are respectively corresponding to magnetite, coarse grain intergrowth bodies and fine mud. In the separation process, the magnetic cyclone can remove a large amount of fine mud in the magnetite, also can achieve the separation and classification, and shortens the ore dressing technological process on the whole.