Iron‐based metal‐organic frameworks (Fe‐MOFs) have attracted extensive interest from researchers due to their tunability, favorable properties, and chemical versatility. Compared with conventional porous materials, Fe‐MOFs exhibit better performance in a wide variety of applications. Herein, the structures of Fe‐MOFs are summarized to explore potential structures based on isoreticular chemistry, as well as the recent research progress in their synthesis and multifunctional applications. The rapid development of Fe‐MOFs has broadened the application range of Fe‐MOFs, and a brief description of Fe‐MOF applications in gas storage and separation, catalysis, bioimaging, and magnetism is outlined, with the aim to expand the prospects of Fe‐MOFs in more practical applications.