As an ultra-fine crushing equipment, High-pressure Grinding Roller (HPGR) has unique advantages in crushing refractory ores, owing to its high efficiency and low energy consumption. Low-grade hematite ores from Anshan were crushed by a laboratory CLF-25-10 HPGR with different applied load, roll speed and feed moisture. The different operating factors on the fine crushed products characteristics were investigated and the suitable operating parameters were obtained. The results showed that the product became finer and specific grinding energy increased with applied load increasing, while the capacity did not vary obviously. The capacity was proportional to the roll speed, while product finess and specific grinding energy didn’t change significantly. The moisture of feed was beneficial to coarse particles crushing and went against fine particles crushing. Specific grinding energy increased and capacity increased and then decreased with the increase of feed moisture. It was obtained that applied load of 5.2N/mm2, roll speed of 0.18m/s and feed moisture of 5% were suitable to crushing effect. At these conditions, the percent of -0.074mm production was 21.84%, P80 of product was 2.55mm, specific grinding energy was 1.081Kwh/t and capacity was 1.521t/h.