In this research we have estimated the Iron Ore sector’s impact on the Mongolian Economy through indirect and direct impact under two scenarios using CGE modeling. In the first scenario, we have considered without iron ore economy. In the second scenario, we have considered with iron ore economy. As result, contribution of iron ore sector is estimated around 4% of GDP or US$1.2 billion on average annually in 2014-2030. There is a significant impact on service, the transport, electricity and mining sectors have been notably benefited.