Froth flotation has been widely used in upgrading iron ores. Iron ore flotation can be performed in two technical routes: direct flotation of iron oxides and reverse flotation of gangue minerals with depression of iron oxides. Nowadays, reverse flotation is the most commonly used route in iron ore flotation. This review is focused on the reverse flotation of iron ores, consisting of reverse cationic flotation and reverse anionic flotation. It covers different types of collecting agents used in reverse iron ore flotation, the surface characteristics of minerals commonly present in iron ores (e.g., iron oxides, quartz, alumina-bearing minerals, phosphorus-bearing minerals, iron-bearing carbonates, and iron-bearing silicates), and the adsorption mechanisms of the collecting agents at the mineral surface. The implications of collecting agent–mineral interactions for improving iron ore flotation are discussed.