Petrology, mineralogy and geochronology of the Waitoushan iron deposit in Anshan-Benxi area are studied in this paper. Geochemical analyses show the protolith of amphibolites was probably basic volcanics originating in back-arc basin setting. Morphology and trace element analyses of zircon grains indicate the zircons selected from amphibolites were all magmatic. SIMS zircon U-Pb dating shows the protolith of amphibolites was formed at (2 533±11) Ma, standing for the formation age of the Waitoushan iron deposit. To sum up, the authors propose the Waitoushan deposit belongs to the Algoma-type BIF, showing an affinity with the magmation in back-arc basin setting and representing a Neoarehean metallogenic event of BIF widely developed in the North China Craton.