The use of diazo compounds in the transition‐metal‐catalyzed coupling reactions to form C−C and C−X (X=O, S, N, Si, P etc.) bonds have been a well established approach in organic synthesis. In this context, various transition metals such as Pd, Cu, Rh, Ni, Co, Fe, Ir etc. have proved useful to generate a metal‐carbene intermediate which subsequently undergoes carbene transfer or insertion to form C−C, C−Si or C‐heteroatom bonds. However, the use of most abundant, cheaper and environmentally benign metal such as iron to catalyze carbene‐transfer reactions has attracted considerable attention in the last few years. Iron is the second most abundant transition metal in nature and also an integral part of various biological systems which make it highly valuable to use as a catalyst in organic chemistry. This review summarizes the efforts made after 2013 in the area of iron‐catalyzed chemical and enzymatic carbene‐transfer reactions using diazo compounds as carbene precursor.