In this paper, a series of iron oxide/reduced graphene oxide/carbon nanotube composites (K3‐Fe2O3‐rGO/CNT) with well‐dispersedFe2O3 particles are prepared by in situ reaction and then heat‐treatment, and its electrochemical and battery performancesare studied as the anode material of lithium‐ion batteries. The results show that the introduction of reduced graphene oxide/carbon nanotube (rGO/CNT) improves the electrochemical and battery performances of the prepared electrode material. In particular, the K3‐Fe2O3‐rGO/CNT (30 %) composite material has a reversible capacity of 1559 mAh g−1 after 100 charge/discharge cycles at 100 mA g−1. And its specific discharge capacityis 641.1, 639.7, 609.5, 578.6 and 543 mAh g−1at the current density of 100, 200, 500, 1000 and 2000 mA g−1, respectively,with 84.7 % of capacity retention even with a 10 times increase in current density. The research of charge storage indicates that the electrochemical process is a mixed control process of diffusion and capacitance. The improved electrochemical and battery performancesfor the composite electrode material can be attributed to the enhanced dispersion of the Fe2O3 and the enhanced conductive network provided by rGO/CNT composite carbon. It makes a promising way to prepare high performance of anode material for lithium‐ion battery.