High activity, selectivity and recyclability are crucial parameters in the design of performant catalysts. Furthermore, depletion of platinum‐group metals (PGM) drives further research towards highly available metal‐based catalysts. In this framework, iron based active sites supported on nitrogen‐doped carbon materials (Fe/N@C) have been explored to tackle important applications in organic chemistry, for both oxidation and reduction of C‐O/C‐N bonds, as well as in electrocatalysis for energy applications. This versatile reactivity makes them ideal substitutes to PGM‐based catalysts, being based on abundant elements. Despite important advances in material science and characterisation techniques allowing the analysis of heterogeneous/electro‐ catalysts at the atomic scale, the nature of the catalytically active sites in Fe/N@C remains elusive. Most recent theoretical studies point at individual FeNx single sites as the origin of the catalytic activity. Although their identification is still challenging with current technology, establishing their real nature will foster further research on these PGM‐free and redox‐polyvalent catalysts. In this review, we provide an overview of their applications in both thermal and electrochemical processes. Throughout the review, we highlight the different characterisation techniques employed to gain insight into the catalysts active sites.