Iron is an essential trace element in the human body. Iron deficiency can lead to iron deficiency anemia (IDA) and induce various diseases. Hence, it is urgent to find an iron supplement with minimal side effects and good iron supplementation effect. Natural polysaccharides from plants have various biological activities such as antioxidant, hypoglycemic, immunomodulatory, etc. Increasing research has shown that polysaccharides modified with iron can enhance their biological activities. Among them, polysaccharide iron complex (PIC) has significant anti‐anemia activity. With the powerfully development of PIC, increasing research has found that PIC showed some advantages, including good water solubility, high bioavailability, low gastrointestinal irritation, and high iron content. Therefore, PIC has received widespread attention. Currently, PIC is widely used in various fields such as agriculture, animal husbandry, and clinical treatment. However, there are limited reports on the preparation, biological activities, and applications of PIC. This paper systematically reviews the preparation methods, iron content determination methods, biological activities, and applications of PIC. The results provide important references for the deep development and utilization of PIC.