In order to comprehensively recover a gold-bearing polymetallic oxide ore in Dali,Yunnan,the process mineralogy and separation test were carried out.The result shows that the grades of gold,silver and  iron  in the ore are 1.99 g/t,47.60 g/t and 32.98 % respectively,which are the main valuable metals.Among them,about 87 % of gold occurs in limonite in the form of silver-bearing native gold and independent minerals of electrum,a small amount of gold is embedded in magnetite-maghemite in the form of carrier gold;and about 90 % of silver occurs in psilomelane and limonite.The valuable metals were comprehensively recovered by low intensity magnetic separation followed by high intensity magnetic separation.The low intensity magnetic separation obtains the magnetite concentrate with the iron grade 61.67 % and the iron recovery 16.45 %.The limonite concentrate with iron grade of 42.46 % and recovery rate of 66.56 % can be obtained by high intensity magnetic separation,and the recovery rates of gold and silver are 60.50 % and 65.84 % respectively.The gold,silver and iron are effectively separated and enriched by this process.