Fe-based superconductors have drawn much attention during the last decade due to the presence of superconductivity in materials containing the magnetic element, Fe, and the coexistence of superconductivity and magnetism. Extensive study of the electronic structure of these systems suggested the dominant role of d states in their electronic properties, which is significantly different from the cuprate superconductors. In this article, some of our studies of the electronic structure of these fascinating systems employing high-resolution photoemission spectroscopy is reviewed. The combined effect of electron correlation and covalency reveals an interesting scenario in their electronic structure. The contribution of ligand p states at the Fermi level is found to be much more significant than indicated in earlier studies. Temperature evolution of the energy bands reveals the signature of transition akin to Lifshitz transition in these systems.