Jan 31 2018 nbsp 0183 32Difference Between Magnetite and Hematite Definition Magnetite Magnetite is an iron ore where iron can be found in the form of Fe 3 O 4 Hematite Hematite is an iron ore where iron can be found in the form of Fe 2 O 3 Presence of Iron Magnetite In magnetite iron is present in the form of Fe 2 and Fe 3