The technology of CO selective catalytic reduction of NOx (CO‐SCR) showcases the potential to simultaneously eliminate CO and NOx from industrial flue gas and automobile exhaust, making it a promising denitrification method. The development of cost‐effective catalysts is crucial for the widespread implementation of this technology. Transition metal catalysts are more economically viable than noble metal catalysts. Among these, Fe emerges as a prominent choice due to its abundant availability and cost‐effectiveness, exhibiting excellent catalytic performance at moderate reaction temperatures. However, a significant challenge lies in achieving high catalytic activity at low temperatures, particularly in the presence of O2, SO2, and H2O, which are prevalent in specific industrial flue gas streams. This review examines the use of Fe‐based catalysts in the CO‐SCR reaction and elucidates their catalytic mechanism. Furthermore, it also discusses various strategies devised to enhance low‐temperature conversion, taking into account factors such as crystal phase, valence states, and oxygen vacancies. Subsequently, the review outlines the challenges encountered by Fe‐based catalysts and offers recommendations to improve their catalytic efficiency for use in low‐temperature and oxygen‐rich environments.