The name, Hematite, comes from the Greek word for blood. It has been used as an amulet against bleeding, and so is known as the "blood stone". When arranged like the petals of a flower, it is referred to as the "iron rose". Native American folklore states that war paint made from Hematite will make one invincible in battle. People in the eighteenth and nineteenth centuries wore Hematite jewelry during mourning.

Scientists of the Mars Exploration Rover Project believe that deposits of Hematite on Mars may help prove whether large amounts of liquid water ever flowed on Mars' surface. They say that where water was, life may have had a chance to thrive as well.