This paper shows results of analyses based on samples of the material extracted during process of rock wool production: raw materials, final product, and wastes. On the basis of microscopic, chemical, X-ray diffraction, and Mössbauer spectroscopy analyses, different mineral forms of iron compounds are described. Distribution of iron was determined and ways of transformation of iron minerals were indicated. The raw material contained augite, diopside, olivine, hydrated iron hydroxides, Fe–Ti–Cr spinels, and ilmenite. In the rock wool there were ascertained microcrystallites of hypersthene, spinels, and ilmenite 0.002–0.005 μm in size. The waste slag contained hypersthene, augite, and ferrofayalite, or spherical concentrations of metallic iron. During the process of rock wool production, transformation of augite and diopside into hypersthene and also of olivine into ferrofayalite occur. Simultaneously, iron minerals in the raw material undergo decomposition resulting in the creation of secondary, stable forms of spinels, ilmenite, and metallic iron.