The necessity for large scale and sustainable energy storage systems is increasing. Lithium-ion batteries have been extensively utilized over the past decades for a range of applications including electronic devices and electric vehicles due to their distinguishing characteristics. Nevertheless, their massive deployment can be questionable due to use of critical materials as well as limited lithium resources and growing costs of extraction. One of the emerging alternative candidates is potassium-ion battery technology due to potassium’s extensive reserves along with its physical and chemical properties similar to lithium. The challenge to develop anode materials with good rate capability, stability and high safety yet remains. Iron oxides are potentially promising anodes for both battery systems due to their high theoretical capacity, low cost and abundant reserves, which aligns with the targets of large-scale application and limited environmental footprint. However, they present relevant limitations such as low electronic conductivity, significant volume changes and inadequate energy efficiency. In this review, we discuss some recent design strategies of iron oxide-based materials for both electrochemical systems and highlight the relationships of their structure performance in nanostructured anodes. Finally, we outline challenges and opportunities for these materials for possible development of KIBs as a complementary technology to LIBs.