Numerous reports have successfully detected or differentiated carbonate minerals such as calcite and dolomite by using the Advanced Spaceborne Thermal Emission and Reflection Radiometer (ASTER). However, there is a need to determine whether existing methods can differentiate magnesite from other carbonate minerals. This study proposes optimal band ratio combinations and new thresholds to distinguish magnesite, dolomite, and calcite using ASTER shortwave-infrared (SWIR) data. These were determined based on the spectral and chemical analysis of rock samples collected from Liaoning, China and Danchon, North Korea and the reflectance values from ASTER images. The results demonstrated that the simultaneous use of thresholds 2.13 and 2.015 for relative absorption band depths (RBDs) of (6 + 8)/7 and (7 + 9)/8, respectively, was the most effective for magnesite differentiation. The use of RBDs and band ratios to discriminate between dolomite and calcite was sufficiently effective. However, talc, tremolite, clay, and their mixtures with dolomite and calcite, which are commonly found in the study area, hampered the classification. The assessment of the ASTER band ratios for magnesite grade according to magnesium oxide content indicated that a band ratio of 5/6 was the most effective for this purpose. Therefore, this study proved that ASTER SWIR data can be effectively utilized for the identification and grade assessment of magnesite on a regional scale.