The present invention relates to a system and a process for dry recovery of iron oxide fines from iron bearing compact and semicompact rocks that comprise primary (5), secondary (6) and tertiary (7, 7′) crushing means for preliminarily reducing the granulometry of ores containing the iron oxide fines in compact and semicompact rocks; means for finely grinding (10, 10′, 21) iron oxide minerals reduced through primary (5), secondary (6) and tertiary (7, 7′) crushing, provided with a dynamic air classifier (3.5, 4.6, 5.4); means of static air classification (11, 12, 13) arranged in series for intermediate granulometric cuts and bag filters (14) for retaining fine fraction; and means of magnetic separation (15, 16, 17), through magnetic rolls (71, 72, 73) arranged in cascade at a variable leaning angle, and formed by high and / or low magnetic intensity magnets,