The　oxygen　reduction　reaction　(ORR)　is　critical　for　energy　conversion　technologies　like　fuel　cells　and　metal–air　batteries.　However,　advancing　efficient　and　stable　ORR　catalysts　remains　a　significant　challenge.　Iron-based　single-atom　catalysts　(Fe　SACs)　have　emerged　as　promising　alternatives　to　precious　metals.　However,　their　catalytic　performance　and　stability　remain　constrained.　Introducing　a　second　metal　(M)　to　construct　Fe─M　dual-atom　catalysts　(Fe─M　DACs)　is　an　effective　strategy　to　enhance　the　performance　of　Fe　SACs.　This　review　provides　a　comprehensive　overview　of　the　recent　advancements　in　Fe-based　DACs　for　ORR.　It　begins　by　examining　the　structural　advantages　of　Fe─M　DACs　from　the　perspectives　of　electronic　structure　and　reaction　pathways.　Next,　the　precise　synthetic　strategies　for　DACs　are　discussed,　and　the　structure–performance　relationships　are　explored,　highlighting　the　role　of　the　second　metal　in　improving　catalytic　activity　and　stability.　The　review　also　covers　in　situ　characterization　techniques　for　real-time　observation　of　catalytic　dynamics　and　reaction　intermediates.　Finally,　future　directions　for　Fe─M　DACs　are　proposed,　emphasizing　the　integration　of　advanced　experimental　strategies　with　theoretical　simulations　as　well　as　artificial　intelligence/machine　learning　to　design　highly　active　and　stable　ORR　catalysts,　aiming　to　expand　the　application　of　Fe─M　DACs　in　energy　conversion　and　storage　technologies.　©　2025　Wiley-VCH　GmbH.