Magnetite, a major constituent mineral of the Hongcheon carbonatite-phoscorite complex, was produced over three stages in each rock type and decreased in quantity toward the late stage. Electron microprobe analyses for magnetite revealed that Ti and V were detected in traces, but showed increasing tendency from early to late stage. On the contrary, Mg and Mn decreased distinctly, and it is the general differentiation trend of carbonatitic magma. Al also showed decreasing tendency in carbonatite and phoscorite, and Cr was mostly below detection limit except late phoscorite. In early stage, $Fe^{2+}$ was largely replaced by $Mg{2+}$ and $Mn^{2+}$, and $Fe^{3+}$ by $Al^{3+}$ in magnetite, but it has nearly pure composition in late stage. Tendency of increase in V and decrease in Mn toward late stage represents that magma differentiation progressed under the condition of decreasing oxygen fugacity. Low concentrations of Mg, Al, Cr and Ti, as well as the absence of olivine and phlogopite, suggest that the Hongcheon carbonatite-phoscorite complex was generated from depleted magma. Especially, lower concentrations of Mg in magnetite compared to other typical carbonatite-phoscorite complex, and abundant occurrence of Fe-carbonate minerals and quartz in late stage, suggest that magma differentiation of the Hongcheon carbonatite-phoscorite proceeded to the latest stage.