The time-frequency parameter vector autoregressive (TVP-VAR) connectivity method is used to explore the time-varying spillover effects between iron ore prices, international shipping and China's stock market using daily data from Jan. 4, 2017 to Mar. 6, 2023. The empirical results show that international shipping is the strongest spillover effect. China's stock market is the transmission factor of spillover effect. The iron ore price is the main recipient. The overall spillover effect is time-varying, and in times of crisis spillover effects are significantly enhanced,in the special period, the relationship between overflow and reception will change briefly.