Application of the Fe isotope system to studies of natural rocks and fluids requires precise knowledge of equilibrium Fe isotope fractionation factors among various aqueous Fe species and minerals. These are difficult to obtain at the low temperatures at which Fe isotope fractionation is expected to be largest and requires careful distinction between kinetic and equilibrium isotope effects. A detailed investigation of Fe isotope fractionation between [Fe III(H 2O) 6] 3+ and hematite at 98°C allows the equilibrium 56Fe/ 54Fe fractionation to be inferred, which we estimate at 10 3lnα Fe(III)-hematite = -0.10 ± 0.20‰. We also infer that the slope of Fe(III)-hematite fractionation is modest relative to 10 6/T 2, which would imply that this fractionation remains close to zero at lower temperatures. These results indicate that Fe isotope compositions of hematite may closely approximate those of the fluids from which they precipitated if equilibrium isotopic fractionation is assumed, allowing inference of δ 56Fe values of ancient fluids from the rock record. The equilibrium Fe(III)-hematite fractionation factor determined in this study is significantly smaller than that obtained from the reduced partition function ratios calculated for [Fe III(H 2O) 6] 3+ and hematite based on vibrational frequencies and Mössbauer shifts by Polyakov (1997), Polyakov and Mineev (2000), and Schauble et al. (2001), highlighting the importance of experimental calibration of Fe isotope fractionation factors. In contrast to the long-term (up to 203 d) experiments, short-term experiments indicate that kinetic isotope effects dominate during rapid precipitation of ferric oxides. Precipitation of hematite over ∼12 h produces a kinetic isotope fractionation where 10 3lnα Fe(III)-hematite = +1.32 ± 0.12‰. Precipitation under nonequilibrium conditions, however, can be recognized through stepwise dissolution in concentrated acids. As expected, our results demonstrate that dissolution by itself does not measurably fractionate Fe isotopes.