Over the past decade, silicon solar cells with carrier‐selective passivating contacts based on polysilicon capping an ultra‐thin silicon oxide (commonly known as TOPCon or POLO) have demonstrated promising efficiency potentials and are regarded as an evolutionary upgrade to the PERC (passivated emitter and rear contact) cells in manufacturing. The polysilicon‐based passivating contacts also exhibit excellent gettering effects that relax the wafer and cleanroom requirements to some extent. In this work, we experimentally explore the impact of bulk iron contamination and polysilicon gettering on the passivation quality of the polysilicon/oxide structure and the resulting solar cells performance. Results show that both n‐ and p‐type polysilicon/oxide passivating contacts are not affected by iron gettering, demonstrating robust and stable passivation quality. However, for a very high bulk iron contamination (1 × 1013 cm−3), the accumulated iron in the p‐type lightly boron‐doped emitter in crystalline silicon would degrade the emitter saturation current density. This can cause a reduction in both open‐circuit voltage and short‐circuit current. Meanwhile, this very high iron content (1 × 1013 cm−3) can further degrade the fill factor and temperature coefficient of the cells. On the other hand, for an initial iron content of 2 × 1012 cm−3, which should be well above the iron level in the current industrial Czochralski silicon wafers, the resulting cells demonstrate similar performance as the control group with no intentional iron contamination. This work brings attention to both the benefits of polysilicon gettering effects as well as the potential degradation due to the accumulation of metal impurities in the p‐type emitter region.