Iron oxide Fe 2 O 3 has four polymorphs: ¡-, ¢-, £-, and ¾-phases. ¡-Fe 2 O 3 (hematite) and £-Fe 2 O 3 (maghemite) are abundant in nature, whereas ¢-and ¾-Fe 2 O 3 phases are very rare and must be artificially synthesized in the laboratory. Pure ¾-Fe 2 O 3 phase was first synthesized in 2004 using a combination of reverse-micelle and solgel techniques, and it shows the largest coercive field value (H c ) among metal oxide-based magnets of 20 kOe at room temperature. Successively, several kinds of metal-substituted ¾-iron oxides, ¾-M x Fe 2¹x O 3 (M = In, Ga, and Al), have been synthesized, and their magnetic properties are controlled by the degree of the metal substitution. Such iron oxides with a high H c are attractive from industrial application viewpoints, e.g., magnetic recordings and electromagnetic wave absorbers. A series of ¾-M x Fe 2¹x O 3 shows high-frequency electromagnetic wave absorption due to zero-field ferromagnetic resonance at 35 182 GHz in the millimeter range, which is useful for next-generation high-speed wireless communications. In this article, we describe (i) the synthesis, crystal structure, and magnetic properties of ¾-Fe 2 O 3 , (ii) generation mechanism of ¾-Fe 2 O 3 , the origin of the gigantic coercive field, and theoretical analysis of magnetic ordering, (iii) metal-substituted ¾-iron oxides, ¾-M x Fe 2¹x O 3 , and (iv) electromagnetic wave absorption in the millimeter wave range.