This article reports a brief review on the effect of process parameters on mechanical and corrosion properties of Fe-/Fe–Ni-based composites. Particle-reinforced metal matrix composites (MMCs) have gained a special interest in the field of structural, mechanical, aeronautical, and aviation industries. Iron-based MMCs are the one which are in high demand for tribological applications due to the high strength and high abrasion resistance properties. Different techniques have been used by different researchers for enhancing different properties of these composites during the last several years. Optimization of processing parameters, e.g., milling time, milling speed, reinforcement content, sintering time, and temperature are important for the development of composites by powder metallurgy route. Alloying of Ni in Fe–ZrO2 MMCs is found to play an important role in matrix phase formation during sintering. During sintering, the formation of γ phase in the matrix retards reactive sintering between metal and ceramic particles. Effect of some of the processing parameters on phase formation and various properties such as density, hardness, dry sliding wear properties, and corrosion reported in our previous studies have been summarized for particulate reinforced Fe/Fe–Ni metal matrix composites.