The present invention relates to a preparation of iron(II) acetate powder from low grade magnetite and comprises the following steps: (a) adding organic acid to low grade magnetite powder to obtain iron solution; (b) adding hydroxide to the iron solution to obtain iron hydroxide; and (c) adding acetic acid to the iron hydroxide, thereby obtaining iron(II) acetate. According to the present invention, it is possible to obtain high purity iron(II) acetate using low grade magnetite and there are advantages of mass producible environmentally-friendly simple process and prevention of corrosion of facilities.