Introduced in the late sixties, non-innocent (or redox) ligands have been extensively studied for their unusual and intriguing chemical behavior. Their ability to delocalize and/or provide electrons to the metal center of organometallic complexes confers them undisputable chemical interest and has proved valuable in the development of novel synthetic methodologies. This review will focus on the chemistry and applications of low-valent iron complexes bearing potentially non-innocent ligands. Because of the elusive nature of these ligands, and whenever possible, theoretical calculations and analysis of spectroscopic data will be presented in an effort to provide insights into the catalytic activity of the complexes.