(Cyclopentadienone)iron tricarbonyl complexes are catalytically active, inexpensive, easily accessible and air‐stable that are extensively studied as an active pre‐catalyst in homogeneous catalysis. Its versatile catalytic activity arises exclusively due to the presence of a non‐innocent ligand, which can trigger its unique redox properties effectively. These complexes have been employed widely in (transfer)hydrogenation (e. g., reduction of polar multiple bonds, Oppenauer‐type oxidation of alcohols), C−C and C−N bond formation (e. g., reductive aminations, α‐alkylation of ketones) and other synthetic transformations. In this review, we discuss the remarkable advancement of its various synthetic applications along with synthesis and mechanistic studies, until February 2021.