Design flexibility, mass customization, waste reduction and the ability to manufacture near-net complex-shape structures, as well as rapid prototyping, are the main advantages of Metal Injection Molding (MIM). A brief review of the MIM technique, materials and their development to trending applications using iron powders was delineated. The ground-breaking applications of MIM in automotive, medical, and magnetic materials were discussed. The current-status of iron powder product development prepared for MIM was reviewed. In addition, this paper discussed the main processing challenges considering the MIM technology for producing high-end applications. Overall, this paper gives a summary of MIM, including a study on its benefits and opportunities and as a roadmap for future research and development in iron and steel powder manufacturing technique.