The average quantity of iron in the human body is about 4.5 g (about 0.004 percent), of which approximately 65 percent is in the form of hemoglobin, which transports molecular oxygen from the lungs throughout the body; 1 percent in the various enzymes that control intracellular oxidation; and most of the rest stored in the body (liver, spleen, bone marrow) for future conversion to hemoglobin. Red meat, egg yolk, carrots, fruit, whole wheat, and green vegetables contribute most of the 10–20 milligrams of iron required each day by the average adult. For the treatment of hypochromic anemias (caused by iron deficiency (iron deficiency anemia)), any of a large number of organic or inorganic iron (usually ferrous) compounds are used.

Iron, as commonly available, nearly always contains small amounts of carbon, which are picked up from the coke during smelting. These modify its properties, from hard and brittle cast irons containing up to 4 percent carbon to more malleable low-carbon steels containing less than 0.1 percent carbon.

Three true allotropes of iron in its pure form occur. Delta iron, characterized by a body-centred-cubic crystal structure, is stable above a temperature of 1,390° C (2,534° F). Below this temperature there is a transition to gamma iron, which has a face-centred-cubic (or cubic close-packed) structure and is paramagnetic (capable of being only weakly magnetized and only as long as the magnetizing field is present); its ability to form solid solutions with carbon is important in steelmaking. At 910° C (1,670° F) there is a transition to paramagnetic alpha iron, which is also body-centred cubic in structure. Below 773° C (1,423° F), alpha iron becomes ferromagnetic (i.e., capable of being permanently magnetized), indicating a change in electronic structure but no change in crystal structure; above 773° C (its Curie point) it loses its ferromagnetism altogether. Alpha iron is a soft, ductile, lustrous, gray-white metal of high tensile strength.

Pure iron is quite reactive. In a very finely divided state metallic iron is pyrophoric (i.e., it ignites spontaneously). It combines vigorously with chlorine on mild heating and also with a variety of other nonmetals, including all of the halogens, sulfur, phosphorus, boron, carbon, and silicon (the carbide and silicide phases play major roles in the technical metallurgy of iron). Metallic iron dissolves readily in dilute mineral acids. With nonoxidizing acids and in the absence of air, iron in the +2 oxidation state is obtained; with air present or when warm dilute nitric acid is used, some of the iron goes into solution as the Fe³⁺ ion. Very strongly oxidizing mediums, for example concentrated nitric acid or acids containing dichromate, passivate iron (i.e., cause it to lose its normal chemical activity), however, much as they do chromium (see above). Air-free water and dilute air-free hydroxides have little effect on the metal, but it is attacked by hot concentrated sodium hydroxide.

Natural iron is a mixture of four stable isotopes: iron-56 (91.66 percent), iron-54 (5.82 percent), iron-57 (2.19 percent), and iron-58 (0.33 percent).

Iron compounds are amenable to study by taking advantage of a phenomenon known as the Mössbauer effect (the phenomenon of a gamma ray being absorbed and reradiated by a nucleus without recoil). Although the Mössbauer effect has been observed for about one-third of the elements, it is particularly for iron (and to a lesser extent tin) that the effect has been a major research tool for the chemist. In the case of iron the effect depends on the fact that the nucleus of iron-57 can be excited to a high energy state by the absorption of gamma radiation of very sharply defined frequency that is influenced by the oxidation state, electron configuration, and chemical environment of the iron atom and can thus be used as a probe of its chemical behaviour. The marked Mössbauer effect of iron-57 has been used in studying magnetism and hemoglobin derivatives and for making a very precise nuclear clock.

The most important oxidation states of iron are +2 and +3, though a number of +4 and +6 states are known. For the element iron the trends in the relative stabilities of oxidation states among elements of the first transition series are continued, except that there is no compound or chemically important circumstance in which the oxidation state of iron is equal to the total number of its valence-shell electrons, eight; the highest known oxidation state is +6, which is rare and unimportant. Even the +3 oxidation state, which is important at the position of chromium in the periodic table, loses ground to the +2 state at the position of iron. Compounds of iron in the +2 state are designated ferrous and contain the pale green Fe²⁺ ion or complex ions. Compounds of iron in the +3 state are called ferric and contain the Fe³⁺ ion (which is yellow to orange to brown, depending on the extent of hydrolysis) or complex ions.

Three oxygen compounds of iron are known: ferrous oxide, FeO; ferric oxide, Fe₂O₃; and ferrosoferric oxide, or ferroferric oxide, Fe₃O₄, which contains iron in both +2 and +3 oxidation states. Ferrous oxide is a greenish to black powder used primarily as a pigment for glasses. It occurs in nature as the mineral wuestite and it can be prepared by heating a ferrous compound in the absence of air or by passing hydrogen over ferric oxide. Ferric oxide is a reddish-brown to black powder that occurs naturally as the mineral hematite. It can be produced synthetically by igniting virtually any ferrous compound in air. Ferric oxide is the basis of a series of pigments ranging from yellow to a red known as Venetian red. The finely powdered red form, often called jewelers' rouge, is used for polishing precious metals and diamonds, as well as in cosmetics. Ferric oxide forms a number of hydrates with variable structures and compositions. A common form is iron rust, produced by the combined action of moisture, carbon dioxide, and oxygen in the air on metallic iron. This process occurs in two steps: first, iron dissolves in the acid solution produced by the moisture and the carbon dioxide of the air, to form ferrous iron and liberate hydrogen; second, oxygen from the air oxidizes the ferrous iron to form hydrated ferric oxide. Ferrosoferric oxide occurs as the mineral magnetite in the form of magnetic, black or red-black crystals. It is prepared by passing steam over red-hot iron. The oxide is widely employed in ferrites, substances with high magnetic permeability and high electrical resistivity used in certain computer memories and coatings for magnetic tape. It is also used as a pigment and a polishing agent.

The action of sulfuric acid on iron results in the formation of two sulfur compounds: ferrous sulfate, FeSO₄, which is commonly available as the heptahydrate FeSO₄∙7H₂O; and ferric sulfate, Fe₂(SO₄)₃. Ferrous sulfate heptahydrate, known in commerce as green vitriol, or copperas, is obtained as a by-product of industrial processes using iron ores that have been treated with sulfuric acid. It serves as a starting material for the manufacture of various other ferrous compounds and as a reducing agent. It is also employed in making inks, fertilizers, and pesticides and for iron electroplating. Ferric sulfate is produced on a large scale by adding sulfuric acid and an oxidizing agent (e.g., nitric acid or hydrogen peroxide) to a hot solution of ferrous sulfate. It is used to make iron alums and other ferric compounds; as a coagulant in water purification and sewage treatment; and as a mordant (fixative) in textile dyeing and printing.

With chlorine, iron forms another group of industrially important compounds: ferrous chloride, FeCl₂; and ferric chloride, FeCl₃. Ferrous chloride is obtained as yellow-green deliquescent (moisture-absorbing) crystals by passing dry hydrogen chloride gas over red-hot iron. It also can be prepared in hydrated form, FeCl₂∙4H₂O, by dissolving metallic iron in hydrochloric acid. It is used in the dye industry as a mordant and as a reducing agent. Ferric chloride is generally prepared from ferrous chloride through the action of chloride or nitric acid. It is used to make many other ferric compounds and as a chlorinating agent for silver, copper, and some organic compounds. Treating a solution of Fe³⁺ with the complex hexacyanoferrate ion, 【Fe(CN₆)】^4-, yields a deep-blue precipitate called Prussian blue (q.v.). This pigment has a slight reddish tint and is employed in paints, enamels, and lacquers.

A number of iron compounds have been found medically useful. For example, ferrous gluconate, Fe(C₆H₁₁O₇)₂∙2H₂O, and ferric pyrophosphate, Fe₄(P₂O₇)∙xH₂O, are among the compounds frequently used to treat anemia. Various ferric salts, which act as coagulants, are applied to wounds to promote healing.