N,N'-bis-[4-(2-methyl-3-hydroxy-4-pyridinone)-phenyl]-malonamide was prepared by microwave- assisted synthesis with methyl maltol, p-phenylenediamine, malonyl dichloride as the main raw materials. The structure of the target product was characterized by means of IR, 1H NMR, UV-Vis and MS. And the chelating property with iron (III) ion has been measured by spectrophotometric determination. At pH = 7.40, the results show that the ligand coordination with Fe3+ is 1:1 under the Tris-water-ethanol buffer solution, the apparent stability constants of the complex is logK = 7.46, it was confirmed that the novel compound was potential chelating potency for iron (III) ion.