Iron (Fe) is an essential micronutrient that limits primary productivity throughout the surface of the Southern Ocean. Here, we present the first high-resolution depth profiles for dissolved Fe and Fe isotope ratios (δ56Fe) from all major zones of the Southern Ocean, collected during the Antarctic Circumnavigation Expedition in austral summer 2017. Open-ocean surface waters are characterized by remarkably high δ56Fe values (up to +1.6‰) and very low Fe concentrations (<0.05 nmolkg−1). We attribute the elevated δ56Fe values above the ferricline to the effect of continuous shallow cycling processes (uptake, recycling, and binding of Fe to organic ligands), with only a very limited resupply of Fe from below. Below the ferricline, δ56Fe values approach ∼0‰ and remain constant down to our deepest samples at 1000 m, with no obvious isotope signal from regeneration. This overall pattern in δ56Fe is modified near islands, continental shelves and hydrothermal vents, where distinct δ56Fe signatures are associated with different Fe sources. Near the volcanic Balleny Islands, elevated surface Fe concentrations associated with low δ56Fe are indicative of reductive release of isotopically light Fe from sediments. Elevated δ56Fe values at depth near the Balleny seamount chain and near the East Scotia Arc may reflect distal hydrothermal influences, caused by fractionation associated with precipitation or the loss of specific phases of Fe during long-range transport. Sedimentary sources of isotopically light Fe on the Antarctic Peninsula are important for shelf waters. Long-distance transport of this sediment-derived Fe and its influence on surface waters are strongly dependent on the regional circulation, and may ultimately be the source of light Fe previously observed within Antarctic Intermediate Water in the Atlantic sector of the Southern Ocean.