To investigate the energy evolution and failure patterns of magnetite during blasting and to minimize the impact of blasting disturbances on the stability of pillars and surrounding rocks, a series of multi-stage strength impact tests were conducted on magnetite samples using a Split Hopkinson pressure bar (SHPB) apparatus. The dynamic response characteristics of magnetite were analyzed, focusing on parameters such as dynamic peak compressive strength, failure modes, fragmentation size, and energy dissipation density under varying strain rates. The results show that magnetite's dynamic peak compressive strength and energy dissipation density increase exponentially with the increase in strain rate. At the same time, the crushing size decreases exponentially, demonstrating a strong strain-rate dependency. The failure process of magnetite can be divided into three stages: crack compaction, elastic deformation, and crushing. The dynamic increase factor (DIF) also increases with the increase in strain rate. The failure mode of magnetite transitions from splitting failure at lower strain rates to crushing failure at higher strain rates as crack interactions intensify. Therefore, when blasting rock breaking is applied to magnetite mining, it is crucial to balance impact strength and energy dissipation to enhance crushing efficiency while meeting the required fragmentation standards.