The massive burning of fossil fuels has been important for economic and social development, but the increase in the CO 2 concentration has seriously affected environmental sustainability. In industrial and agricultural production, light olefins are one of the most important feedstocks. Therefore, the preparation of light olefins by CO 2 hydrogenation has been intensively studied, especially for the development of efficient catalysts and for the application in industrial production. Fe-based catalysts are widely used in Fischer−Tropsch synthesis due to their high stability and activity, and they also exhibit excellent catalytic CO 2 hydrogenation to light olefins. This paper systematically summarizes and analyzes the reaction mechanism of Fe-based catalysts, alkali and transition metal modifications, interactions between active sites and carriers, the synthesis process, and the effect of the byproduct H 2 O on catalyst performance. Meanwhile, the challenges to the development of CO 2 hydrogenation for light olefin synthesis are presented, and future development opportunities are envisioned.