The increasing scientific interest in the transition from noble metals (Pd, Pt, Rh) to available and environmentally friendly metals (in particular, iron) in the catalyst composition for hydrogenation and hydrogenolysis causes an urgent need to develop new approaches for the preparation and application of effective iron-containing catalytic systems. One of the most promising trends is the preparation of nanoparticles stabilized in the matrix or on the surface of diverse carriers. This review outlines the recent achievements in the application of iron-based heterogeneous catalysts in hydrogenation and hydrogenolysis processes. Special attention is paid to the study of the catalytic properties of bimetallic catalytic systems Fe–Me (Pt, Pd, Cu), as well as the interrelation between the redistribution of the electron density between metals in bimetallic nanoparticles of a noble metal (Pd, Pt) and Fe⁰ or Fe_xO_y, and their activity/selectivity in reactions involving hydrogen: selective hydrogenation of triple CC bonds, NO₂– and carbonyl groups.