The invention provides a gray iron oxide pigment dry-method manufacturing process, and relates to the field of inorganic pigment production. The raw materials comprise iron oxide black, titanium dioxide, a body pigment, an aluminizing agent and polyol. The manufacturing process comprises the following steps: A, adding titanium dioxide, iron oxide black and the body pigment into a proportioning bin, and mixing to obtain a mixture a; B, feeding the mixture a into a ball mill; C, adding an aluminizing agent for stabilizing; D, after the ball mill finishes processing, taking out the mixture, crushing the mixture by a crusher, and filtering by a filter sieve; E, carrying out secondary crushing on large particles obtained by filtering, and carrying out filtering; and F, carrying out dry surfacetreatment. According to the invention, the performance of the iron oxide pigment can be greatly improved through dry surface treatment, the raw material mixture is subjected to ball-milling treatmentthrough a grinding machine, the raw materials of the mixture are sufficiently crushed, the formula is simple, the manufacturing process is clear, and the obtained pigment can achieve high coloring strength and a small color difference value and is high in practicability.