The last two decades have seen an impressive improvement of the use of iron as a fascinating and valuable alternative transition metal in homogeneous catalysis in terms of sustainability and economy. It was efficiently used in catalytic organic synthetic transformations, which in particular include the reduction of unsaturated bonds. This review summarizes the fast development and the recent advances in selective reductions of olefins, alkynes, carbonyl and carboxylic derivatives, imines, and nitro compounds promoted by iron catalysts. The topical hydrogen-borrowing reactions and hydroboration of unsaturated compounds are also reported. It is hoped that this account not only provides an overview of the state of the art in iron catalysis but also stimulates the development of superior greener catalytic systems in the near future.