Chemical equilibrium calculations for multicomponent aqueous systems involving the reductive dissolution of magnetite (Fe3O4) with oxalic acid (H2C2O4) were performed using the HSC Chemistry® version 9. They were conducted with an aqueous solution model based on the Pitzer’s approach of one molality aqueous solution. The change in the amounts and activity coefficients of species and ions involved in the reactions as well as the solution pH at equilibrium was calculated while changing the amounts of raw materials (Fe3O4 and H2C2O4) and the system temperature from 25°C to 125°C. In particular, the conditions under which Fe3O4 is completely dissolved at high temperatures were determined by varying the raw amount of H2C2O4 and the temperature for a given raw amount of Fe3O4 fed into the aqueous solution. When the raw amount of H2C2O4 added was small for a given raw amount of Fe3O4, no undissolved Fe3O4 was present in the solution and the pH of the solution increased significantly. The formation of ferrous oxalate complex (FeC2O4) was observed. The equilibrium amount of FeC2O4 decreased as the raw amount of H2C2O4 increased.