Evaporation of iron nanoparticles in carbon shells under pulsed laser irradiation is analyzed. Iron–carbon nanoparticles are synthesized in a shock tube reactor with the aid of pyrolysis of the 0.25% Fe(CO)_5 + 0.25% C_6H_6 mixture in argon. Laser radiation is used for additional heating to temperatures that exceed the evaporation threshold of the iron core of nanoparticles. Time profiles of the thermal radiation of laser-heated nanoparticles are measured. The two-color pyrometry is used to determine the evaporation temperature of nanoparticles, and the laser extinction makes it possible to monitor the loss of volume fraction of the condensed phase upon evaporation. Approximation of experimental signals of laser-heated nanoparticles using model curves is employed to determine effective enthalpy of evaporation of iron–carbon nanoparticles. It is shown that the iron core of nanoparticles is evaporated through the carbon shell and the energy spent by such a process is approximately twice greater than the evaporation enthalpy of bulk iron with free surface.