A zinc–iodine flow battery (ZIFB) with long cycle life, high energy, high power density, and self‐healing behavior is prepared. The long cycle life was achieved by employing a low‐cost porous polyolefin membrane and stable electrolytes. The pores in the membrane can be filled with a solution containing I3− that can react with zinc dendrite. Therefore, by consuming zinc dendrite, the battery can self‐recover from micro‐short‐circuiting resulting from overcharging. By using KI, ZnBr2, and KCl as electrolytes and a high ion‐conductivity porous membrane, a very high power density can be achieved. As a result, a ZIFB exhibits an energy efficiency (EE) of 82 % at 80 mA cm−2, which is 8 times higher than the currently reported ZIFBs. Furthermore, a stack with an output of 700 W was assembled and continuously run for more than 300 cycles. We believe this ZIFB can lead the way to development of new‐generation, high‐performance flow batteries.