Koira region of Odisha is well known for mining and industrial activities. Mineralogical and geochemical studies of rocks of the area were carried out to assess the nature of the Iron Formation of the area. Mineral identification and their characterisation were done through optical microscopy and X-ray diffraction technique. Mineralogical study reveals that hematite is the predominant mineral phase. Other minerals associated are martite, specularite and goethite. Chert/silica, jasper, gibbsite and kaolinite form the gangue minerals. Cavity filling, replacement and colloidal textures are observed in the iron ores. Banding, micro-folding are common in iron ores. X-Ray Fluorescence Spectrometric analysis was carried out over samples of Iron ores. Range of values obtained for various oxides and element are: Fe₂O₃ 67.24 % - 94.52 %, SiO₂ 1.11 - 14.21 %, Al₂O₃ 1.05 - 8.20 %, Na₂O 0.21 - 0.81 %, K₂O 0.18 - 1.42 %, CaO 0.14 - 0.22 %, MgO 0.04- 0. 19 %, MnO 0.02 - 0.04 %, P 0.02 - 0.05 %, TiO₂0.13 -0.43 %, V₂O₅ 0.02 - 0.05%, Cr₂O₃ 0.02 - 0.06 %. Multivariate factor analysis was carried out on geochemical data for understanding the processes involved in the formation of these ores.