The invention discloses a molding compound containing iron ore tailings. The molding compound comprises components including the iron ore tailings, epoxy vinyl resin, polystyrene, magnesium oxide, tert-butyl peroxybenzoate, glass fibers and color paste. The molding compound is prepared through addition of the iron ore tailings, and the strength and the hardness of products can be greatly improved; disposal of the iron ore tailings troubles domestic iron and steel plants all the time, so that through application of the iron ore tailings to the molding compound, namely, improvement of the quality of molded products, the iron ore tailings can be better utilized comprehensively with the higher added value.