Cyclic iron tetracarbenes are an emerging class of macrocyclic iron N-heterocyclic carbene (NHC) complexes. They can be considered as an organometallic compound class inspired by their heme analogs, however, their electronic properties differ, e.g. due to the very strong σ-donation of the four combined NHCs in equatorial coordination. The ligand framework of iron tetracarbenes can be readily modified, allowing fine-tuning of the structural and electronic properties of the complexes. The properties of iron tetracarbene complexes are discussed quantitatively and correlations are established. The electronic nature of the tetracarbene ligand allows the isolation of uncommon iron(III) and iron(IV) species and reveals a unique reactivity. Iron tetracarbenes are successfully applied in C–H activation, CO₂ reduction, aziridination and epoxidation catalysis and mechanisms as well as decomposition pathways are described. This review will help researchers evaluate the structural and electronic properties of their complexes and target their catalyst properties through ligand design.