The Fe–C system, which is widely used to grow commercial high‐pressure–high‐temperature diamond monocrystals, is rather complicated due to the formation of carbides. The carbide Fe3C is a normal run product, but the pressure at which Fe7C3 carbide becomes stable is a subject of discussion. This paper demonstrates the synthesis of Fe7C3 carbide and its detailed study using single‐crystal and powder X‐ray diffraction, as well as electron probe micro‐analysis and scanning electron microscopy. The experiments were performed using a multiple‐anvil high‐pressure apparatus of `split‐sphere' (BARS) type at a pressure of 5.5 GPa and a temperature of 1623 K. Our results show that in the Fe–C system, in addition to diamond, a phase that corresponds to the Fe7C3 carbide was synthesized. This means that both carbides (Fe7C3 and Fe3C) are stable at 5.5 GPa. Two crystal phases are described, Fe14C6 and Fe28C12−x. Fe14C6 is based on the well known rhombic structure of Fe7C3, while Fe28C12−x has a different packing order of Fe6C polyhedrons. The results obtained in this study should be taken into account when synthesizing and growing diamond at high pressures and temperatures in metal–carbon systems with a high iron content, as well as when conducting experimental studies on the synthesis of diamond directly from carbide.