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The iron industry is the largest energy-consuming manufacturing sector in the world, emitting 4–5% of the total carbon dioxide (CO₂). The development of iron-based systems for CO₂ capture and storage could effectively contribute to reducing CO₂ emissions. A wide set of different iron oxides, such as hematite (Fe₂O₃), magnetite (Fe₃O₄), and wüstite (Fe_(1−y)O) could in fact be employed for CO₂ capture at room temperature and pressure upon an investigation of their capturing properties. In order to achieve the most functional iron oxide form for CO₂ capture, starting from Fe₂O₃, a reducing agent such as hydrogen (H₂) or carbon monoxide (CO) can be employed. In this review, we present the state-of-the-art and recent advances on the different iron oxide materials employed, as well as on their reduction reactions with H₂ and CO.