The metal complex FeTSPP (5,10,15,20‐tetrakis‐(4‐sulfonato‐phenyl)‐porphyrin‐iron(III) chloride; also denoted as FeTPPS), which consists of an iron(III) center ion (an environmentally advantageous metal) and a highly water‐soluble heme ligand, represents an exciting and already broadly applied catalyst in the area of “green” oxidation reactions in aqueous media. This commercially available iron catalyst shows a high oxidation potential for many substrates. Further advantages are its high stability and ability not to aggregate in aqueous solution. This Minireview gives an overview of the structural properties of FeTSPP in aqueous solution and selected applications as an oxidation catalyst for organic syntheses, biorenewable degradations, and environmental applications.