Magnetic separation of Fe contaminated Al-Si cutting chip scraps was performed for the recyclability assessment. It was also aimed to investigate the casting and solidification characteristics of the cutting chip scraps. The magnetically separated cutting chip scraps were adequately treated for the casting procedure and test specimens were made into a stepped mold inducing different cooling rates. The test specimens were evaluated by the combined analysis of ICP, Spectroscopy, OM-image analyzer, SEM/EDS, etc. Solidification characteristics of cutting chip scraps were examined as functions of Fe content and cooling rate. It is concluded that the magnetic separation process can be utilized to recycle the Fe contaminated Al-Si cutting chip scraps in the high cooling rate foundry process.