Food‐borne polyphenols have long contributed to human health via multifaceted mechanisms, while emerged studies especially those published in recent 10 years have witnessed the close relevance between the bioactivity of polyphenols with iron homeostasis. Polyphenols are involved in various physiological processes of iron and manifest with multidirectional regulative effects. The diversiform polyphenols–iron interactions have extended the cognition of various disorders and diseases. This review aims to present a comprehensive scope of polyphenols–iron interactions, and the structural property, biological effects, and molecular mechanism of polyphenols on iron homeostasis were systematically illustrated, categorized, exemplified, and discussed. Multiple related disorders and diseases were focused on, and the specific polyphenols–iron interactions were elucidated during the processes of pathogenesis, development, intervention, and treatment. Present shortages such as bidirectional effects, unclear mechanism, clinical challenges, and extraction efficiency of polyphenols were also analyzed, and some innovative techniques adopted for polyphenols–iron‐based systems or therapies explorations were discussed, inspiring future perspectives for the understandings, exploitations, and correlations of both iron homeostasis and polyphenols. This review brings the polyphenols–iron interactions on the stage, telling the full story of how polyphenols anchor iron to achieve beneficial bioactivities, enlightening ideas for polyphenols–iron interactions‐based understanding of diseases, and illumining strategies for polyphenols as dietary adjuvant or future therapeutic agents for iron‐related physiological abnormality.