The development of a tavorite structured K‐ transition metal (TM)‐ fluorophosphate, having earth‐abundant Fe as the only TM, crystallizing in the orthorhombic crystal system and facilitating stable‐cum‐reversible electrochemical K‐extraction/insertion, has been reported here. Synthesized using low‐cost precursors, KFePO4F has also been found to be air‐stable. Detailed information pertaining to the bonding/structure, including lattice site occupancy, have been obtained via diffraction, Raman spectroscopy and FTIR, with XPS and ESR revealing the oxidation states of Fe in the as‐synthesized condition and upon being subjected to electrochemical potassiation/depotassiation. The electrochemical K‐insertion/extraction, supported by reversible Fe‐redox, leads to a reversible K‐storage capacity of ~102 mAh/g (within 1.5‐4.0 V), along with a 1st cycle Coulombic efficiency (CE) of ~93% (with CE >99.9% from 2nd cycle). Ex‐situ X‐ray diffraction, as well as operando synchrotron diffraction during galvanostatic cycling, indicates reversible changes in peak positions upon electrochemical K‐extraction/insertion, with no evidence for structural change. When used as cathode material in K‐ion ‘full’ cell (with hard carbon‐based anode), a discharge capacity of ~68 mAh/g, along with capacity retention of ~70% after 50 cycles, has been obtained; which confirms that this newly‐developed earth‐abundant Fe‐based potassium fluorophosphate can be utilized for potential application in sustainable battery chemistries, like K‐ion batteries.