Among all minerals, iron is one of the elements identified early by human beings to take advantage of and be used. The role of iron in human life is so great that it made an era in the ages of humanity. Pure iron has a shiny grayish-silver color, but after combining with oxygen and water it can make a colorful set of materials with divergent properties. This diversity sometimes appears ambiguous but provides variety of applications. In fact, iron can come in different forms: zero-valent iron (pure iron), iron oxides, iron hydroxides, and iron oxide hydroxides. By taking these divergent materials into the nano realm, new properties are exhibited, providing us with even more applications. This review deals with iron as a magic element in the nano realm and provides comprehensive data about its structure, properties, synthesis techniques, and applications of various forms of iron-based nanostructures in the science, medicine, and technology sectors.