The invention discloses an iron pyrite inhibitor for use under a low-alkalinity condition. The iron pyrite inhibitor consists of the following components in parts by weight: 40-50 parts of sodium thiosulfate, 40-50 parts of citric acid and 5-15 parts of polyacrylamide, wherein the polyacrylamide is hydroxyl-containing low molecular polyacrylamide of which the molecular content is 400-600. The inhibitor is prepared by using a method comprising the following steps of weighing sodium thiosulfate, citric acid and polyacrylamide; uniformly mixing to obtain 1-5 percent by weight of aqueous solution; and stirring. The iron pyrite inhibitor is used for selectively inhibiting iron sulfide minerals under a low-alkalinity condition, has good inhibition effects on minerals such as pyrite, magnetic pyrite and the like, has the advantages of stable performance, small using amount, low cost and environment friendliness, can be widely applied to sulfide ore dressing of copper, copper lead, copper zinc, lead zinc, copper lead zinc, gold and the like, and contributes to effectively increasing the scoring indexes of copper, lead, zinc, metal minerals and pyrite, effectively enhancing the flotation separation effect of multi-metal sulfide minerals and increasing the recovery rate of associated gold and silver.