The effect of inter-ring delay time (IRDT) on rock fragmentation in the tunnel excavation blasting was studied at the Xinjiang Beizhan Iron Mine, China, to improve the rock fragmentation and optimize the blast design. Blasting tests were conducted with an IRDT of 50, 100, 150, 200, and 500 ms; each adjacent ring had an equal IRDT, and two replicate tests were conducted. The blasting plan with IRDT of 100 ms was the original blasting plan used in the mine. Two optimized blasting plans were proposed and implemented based on the experimental results, along with a control experiment using the original blasting plan. The fragment size of each blast test was measured and analyzed by the block-analyzed software. Both collision theoretical and field tests indicated that the IRDT plays an important role in rock fragmentation and that as the IRDT increases, the degree of rock fragmentation increases first and then decreases. For example, the fragment sizes X20, X50, and X80 showed an increase followed by a decrease; the percentage of large fragments (1-P750) showed a decline followed by a rise; the percentage of small fragments P25 showed an increase followed by a decline. The blasting plan with an IRDT of 150 ms had the most optimal rock fragmentation effect, with the lowest percentage of large fragments, the highest percentage of small fragments, and the smallest average fragment size of X50. Furthermore, the two optimized blasting plans demonstrated better control over blasting costs and rock fragmentation compared to the original blasting plan.