The invention belongs to the technical field of mineral separation in the metallurgical industry, and in particular relates to a novel separation process of multi-metal lean hematite, which is characterized in that a separation method of two sections of continuous ore grinding, magnetic separation, reverse floatation, regrinding and centrifuging through a centrifugal machine is adopted so that iron minerals and other metal minerals are separated. The novel separation process comprises the following steps of: subjecting primary ball grinding, primary grading, secondary grading, secondary ball grinding, one-section weak magnetic separation, one-section strong magnetic separation, one-section strong magnetic fine separation, reverse floatation operation separation, two-section magnetic separation and regrinding to multi-metal symbiotic lean hematite ores; carrying out one-section rough separation, one-section fine separation, one-section scavenging and two-section scavenging; merging weak magnetic concentrate and secondary reverse floatation concentrate to form final concentrate; and merging two-section strong magnetic tailings and reverse floatation tailings to form final tailings. After the novel separation process is adopted for separation, raw ore grade is 30.505 percent, the concentrate obtained after the separation has better selection indexes such as a grade of 64.14 percent, a yield of 28.59 percent, a metal recovering rate of 60.13 percent, and a tailing grade of 17.03 percent. The grade of the concentrate can be improved from about 58 percent to 64.14 percent.