High-entropy alloys (HEAs) have attracted increased attention due to their extraordinary properties. However, the multicomponent characteristic of equiatomic HEAs inevitably leads to high material costs, which thus limits their widespread industrial applications. Although HEAs are claimed to be suitable for applications in extreme environment due to their comprehensive properties, the actual properties of HEAs dramatically vary with compositions and processes. Therefore, the development of cost-effective HEAs with comprehensive properties is indispensable for industrial uses. Till now, although comprehensive review papers on HEAs are available, few works focused on the cost-effectiveness of HEAs, particularly Fe-rich HEAs recently developed. This review thus aims to fill this gap by reviewing the current research progress in Fe-rich HEAs with a focus on the composition design, microstructure, and properties, including mechanical properties, and resistances for oxidation, wear, and corrosion. The challenges for applying cost-effective Fe-rich HEAs into industries are also arising as future research topics.