Iron is known to cause deleterious oxidative reactions in muscle food. The concentration of the two iron forms, heme and nonheme, varies in beef skeletal muscles of different physiological origin. We evaluated beef Longissimus dorsi (LD) and Psoas major (PM) muscles heme and nonheme iron concentrations to correlate those to fresh meat retail display color properties, discoloration, and lipid oxidation during a simulated retail display and storage. Iron forms concentrations were correlated with beef quality indicators such as instrumental color characteristics and lipid oxidation over a period of 9 days retail display and storage. Results indicated that concentrations of both the heme and nonheme iron were significantly lower ( p < 0.05) on day 9 as compared to day 1. Heme iron concentration correlated moderately with redness (r = 0.72 and 0.44) and it correlated weakly with discoloration (r = −0.34 and −0.47) in LD and PM samples respectively. Nonheme iron concentration correlated weakly with redness (r = 0.31 and −0.02) and discoloration (r = 0.38 and 0.13) in the LD and PM respectively. The Lipid oxidation of both the LD and PM muscles increased ( p < 0.05) with increase in retail display and storage time. However, lipid oxidation was noticeably higher in the PM muscle than the LD. The findings suggest that concentration of iron forms were not a strong predictor of time dependent color and quality changes in beef muscles.