Substituted tetraphenyl Fe porphyrins are versatile molecular catalysts for the activation of small molecules (such as O₂, H⁺ or CO₂), which could lead to renewable energy storage, the direct production of fuels or new catalytic relevant processes. Herein, we review the recent studies of these earth-abundant metal catalysts for the electrochemical activation of dioxygen on the one hand and for the photostimulated reduction of carbon dioxide on the other hand. These two prototype reactions illustrate how mechanistic studies are the only rational approach to gain fundamental insights into the elementary steps that drive the catalysis and for identification of the key intrinsic parameters controlling the reactivity, offering in turn the possibility to rationally tune the structure of the catalysts as well as the catalytic conditions.