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Among different thermal spraying methods, arc-spraying has been widely used due to its low operating costs and high deposition efficiency. The rapid progress of cored wire technology in arc-spraying has increased possibilities for the preparation of new Fe-based coating materials with enhanced properties by adding reinforcement particles and alloying elements to suit the different applications. Fe-based coatings have been extensively used because of their high strength, toughness, lower production costs, and availability of raw materials. This makes them suitable replacements for Ni-based coatings in ambient and high-temperature applications. This review discusses the research status and developments of the arc-sprayed Fe-based coatings. The study specifically reviews the wear behavior, corrosion analysis, and high-temperature resistant properties of arc-sprayed Fe-based coatings, aiming to develop an understanding of the protection mechanisms for Fe-based coatings. The performance of the Fe-based coatings depends on the integrity of the coating structure. Optimizing arc-spraying parameters minimizes defects (pores, grain boundaries, unmelted particles, oxides, and microcracks) that deteriorate the coating properties. High amorphous phase content, ceramic reinforcement particles and alloying elements enhance the corrosion, tribological, and high-temperature resistant properties of Fe-based coatings. In high-temperature applications, Fe-based coatings form oxide scales that protect the coating from further oxidation; thus, it is important to select the optimum composition for the alloying elements.