Porphyrazines and phthalocyanines belong to porphyrinoids, which are macrocyclic compounds consisting of four pyrrole or indole rings, respectively. The aromatic rings of porphyrazines and phthalocyanines are fused together by azamethine bridges (meso nitrogen atoms) in place of methine bridges present in porphyrins. The physicochemical properties of these macrocycles can be modified in two ways. The first is by substitution of metal cation in the core, whereas the second relies on peripheral modification with various substituents. Porphyrazines and phthalocyanines can be modified inside the macrocyclic core with various transition metal cations, including iron(II/III), which impacts their electrochemical properties and influences potential applications in redox reactions. Due to their unique optical and electrochemical properties, porphyrazines and phthalocyanines found many potential and practical applications in medicine and technology. They were mainly researched as photosensitizers in photodynamic therapy, as sensors in biomedical and analytical applications or as building blocks for materials chemistry. This chapter presents physicochemical properties and catalytic applications of iron porphyrazines and phthalocyanines. The first part summarizes the influence of peripheral and axial substituents of iron(II/III) porphyrazines and phthalocyanines on their spectral properties, whereas the second focuses on the electrochemical properties of these molecules. The third part covers the activity of selected iron(II/III) porphyrazines and phthalocyanines of potential value for diverse applications including catalytic reactions.