Aqueous flow batteries are considered very suitable for large‐scale energy storage due to their high safety, long cycle life, and independent design of power and capacity. Especially, zinc‐iron flow batteries have significant advantages such as low price, non‐toxicity, and stability compared with other aqueous flow batteries. Significant technological progress has been made in zinc‐iron flow batteries in recent years. Numerous energy storage power stations have been built worldwide using zinc‐iron flow battery technology. This review first introduces the developing history. Then, we summarize the critical problems and the recent development of zinc‐iron flow batteries from electrode materials and structures, membranes manufacture, electrolyte modification, and stack and system application. Finally, we forecast the development direction of the zinc‐iron flow battery technology for large‐scale energy storage.