The production of light olefins, as the critical components in chemical industries, is possible via different technologies. The Fischer–Tropsch to olefin (FTO) process aims to convert syngas to light olefins with high selectivity over a proper catalyst, reduce methane formation, and avoid the production of excess CO2. This review describes the production of light olefins through the FTO process using both unsupported and supported iron-based catalysts. The catalytic properties and performances of both the promoted and bimetallic unsupported catalysts are reviewed. The effect of support and its physico-chemical properties on the catalyst activity are also described. The proper catalyst should have high stability to provide long-term performance without reducing the activity and selectivity towards the desired product. The good dispersion of active metals on the surface, proper porosity, optimized metal-support interaction, a high degree of reducibility, and providing a sufficient active phase for the reaction are important parameters affecting the reaction. The selection of the suitable catalyst with enhanced activity and the optimum process conditions can increase the possibility of the FTO reaction for light-olefins production. The production of light olefins via the FTO process over iron-based catalysts is a promising method, as iron is cheap, shows higher resistance to sulfur, and has a higher WGS activity which can be helpful for the feed gas with a low H2/CO ratio, and also has higher selectivity towards light olefins.