In this paper, we study the magnetic and chemical properties of Fe/graphene vertically stacked ultrathin films by means of X-ray magnetic circular dichroism and X-ray photoelectron spectroscopy. We compare two systems: an iron layer deposited directly on top of the Pt(111) surface, and an intercalated Fe film sandwiched between graphene and Pt(111). The system composed of a submonolayer Fe deposited directly on Pt(111) maintains an out-of-plane easy magnetization axis, even if it has been covered by graphene that quenches effectively the magnetic orbital moment of Fe. However, when the Fe coverage is increased above 1 ML the easy magnetization axis flips in the in-plane direction.