Hydrogen-rich blast furnace is considered an advanced technology in the iron and steel industry for reducing carbon emissions at the source. The CO utilization is instead reduced due to the severe carbon deposition behavior after hydrogen enrichment. This paper quantitatively investigated the effect of CO–H2–H2O–N2 multi-component on carbon deposition behavior, and a formation mechanism of deposited carbon was proposed finally. The results revealed that the optimum temperature range for carbon deposition was about 470–900 °C, and the maximum rate of carbon deposition was reached at 550–700 °C. At 600 °C, the carbon deposition rate for 100%CO and 40%CO–60%N2 were 0.54 g/d and 0.13 g/d, respectively. The aggravating effect of H2 to carbon deposition was 5.2 times that of H2O. Whereas the carbon deposition will be constrained in low CO and high H2 environment. The SEM showed that the morphology of the deposited carbon was filamentous, its formation mechanism on the iron surface is: (a) Adsorption of gases on the iron surface, (b) Formation of Fe3C layer, (c) Deposition of graphite layer, (d) Decomposition of Fe3C layer, (e) Formation of Fe3C–Fe + C (diss.) catalytic particles, (f) Formation of filamentous carbon, (g) Carbon activity in metallic Fe-filamentous carbon. •The temperature range for carbon deposition is 470–900 °C based on TG experiment.•Carbon deposition rate is quantified and greatly aggravated by H2.•Effect of temperature on carbon deposition is attenuated strongly by H2.•Effect of H2 and H2O on the morphology of deposited carbon is the opposite.•Structural parameters and formation mechanism of filamentous carbon is revealed.