Shenghe iron deposit locates in middle part of AnqiuLaizhou iron mineralization zone in Pingdu city. It is a new discovery lowgrade iron deposit. The deposit is distributed in low aeromagnetic abnormal area, and formed in Xiaosong formation of Fenzishan group in Palaeoproterozoic Era. It belongs to sedimentary metamorphic type deposit. The breakthrough of ore prospecting in this area is a typical one of ore prospecting in low aeromagnetic abnormal area of AnqiuLaizhou iron mineralization zone. It will provide a revelation in ore prospecting in low aeromagnetic abnormal area of AnqiuLaizhou Area in the future.