Over the past two decades, iron‐based metal–organic frameworks (Fe‐MOFs) have attracted significant research interest in biomedicine due to their low toxicity, tunable degradability, substantial drug loading capacity, versatile structures, and multimodal functionalities. Despite their great potential, the transition of Fe‐MOFs–based composites from laboratory research to clinical products remains challenging. This review evaluates the key properties that distinguish Fe‐MOFs from other MOFs and highlights recent advances in synthesis routes, surface engineering, and shaping technologies. In particular, it focuses on their applications in biosensing, antimicrobial, and anticancer therapies. In addition, the review emphasizes the need to develop scalable, environmentally friendly, and cost‐effective production methods for additional Fe‐MOFs to meet the specific requirements of various biomedical applications. Despite the ability of Fe‐MOFs–based composites to combine therapies, significant hurdles still remain, including the need for a deeper understanding of their therapeutic mechanisms and potential risks of resistance and overdose. Systematically addressing these challenges could significantly enhance the prospects of Fe‐MOFs in biomedicine and potentially facilitate their integration into mainstream clinical practice.