Abstract: The Naxiguole iron ore deposit lies in the Qimantag metallogenic belt in western Qinghai Province. The deposit is similar to the superior type BIF iron ore deposit, and it is a newly discovered metallogenic type deposit in the Qimantag metallogenic belt. On the basis of summarizing ore deposit geological background and deposit characteristics, the authors made a preliminary discussion on the significance of the discovery of this deposit. The Naxiguole iron ore deposit was formed in Lower Proterozoic, which is relatively rare in China. The discovery of the Naxiguole iron ore deposit not only enriches China's iron ore mineralization type and guides the iron ore exploration in Qimantag area and even in the whole Qinghai Province, but also has great significance for the study of regional geological environment and tectonic evolution.