AbstractIron (Fe)‐based nanoparticles (NPs) have attracted considerable attention in nanomedicine research due to their enhancement effects in magnetic resonance imaging (MRI) and cancer therapy. Although zero‐valent Fe (Fe(0)) can serve as an active catalyst to decompose H2O2 into reactive oxygen species (ROS), its activity is compromised in physiological conditions due to its susceptibility to oxidation. Here it is reported that a 9 nm FeAu alloy NP system can efficiently stabilize Fe(0) in neutral pH solution, but release Fe(0) in tumor‐bearing environment, catalyzing H2O2 decomposition to ROS. Although Fe3O4 NPs and Au NPs are well‐known for their biocompatible, FeAu NPs effectively eliminate cancer cells at an IC50 as low as 15 µg mL−1 Fe. Further proteomics analysis reveals that FeAu NPs can concomitantly induce both ferroptosis and pyroptosis. Additional near‐infrared (NIR) irradiation further increases cell death and promotes maturation of dendritic cells within tumor‐draining lymph nodes and infiltration of helper T cells and cytotoxic T lymphocytes within tumor sites, resulting in significant reduction in tumor growth and metastasis. The studies demonstrate a great potential of FeAu NPs as a stable Fe(0) reservoir for pH/NIR controlled Fe(0) release and further for ferroptosis and pyroptosis co‐mediated tumor immunotherapy.