The behaviour of iridium as an electrode for hydrogen (protium and deuterium) and oxygen evolution in both alkaline and acidic, heavy and regular water solutions has been investigated primarily by cyclic voltammetry. The main features, such as adsorption and underpotential deposition of hydrogen (both protium and deuterium), as well as the specific charge capacity for monolayer (α-phase) with subsequent multilayer (β-phase) oxide growth with successive increase in oxygen content, preceding hydrogen and oxygen evolution, respectively, with characteristic desorption peaks, were more or less marked in both electrolytes. Some distinctly different behaviours, however, have been observed revealing that heavy and regular water behave almost as different solvent ambients. In contrast to some other noble metals (Pt, Pd, Au, Re) and in common with Rh, hydrogen and oxygen evolving limits for Ir keep their potential values unaltered in alkaline media of both heavy and regular water. Hydrogen absorption, besides adsorption, of both protium and deuterium has been clearly marked by the continuously growing charge capacity of the diffusional desorption peak, whose extent depends on the evolving rate and contact time of hydrogen evolution and distinctly exceeds one-to-one hydrogen (H/Ir or D/Ir) atom coverage on the exposed Ir surface, and relative to the corresponding reversible adsorption wave charge area for its underpotential deposition. In addition, a deuterium oxidation peak, immediately following its desorption (in particular from acidic heavy water) has also been clearly marked on the voltammograms. A distinct merging and melding together of three initial deuterium reversible desorption peaks into the diffusional desorption peak in acidic heavy water has been discernibly scanned upon the voltammograms. Oxide formation usually starts at more anodic potentials together with deuterium oxidation and, specifically in acidic media, proceeds vigorously with higher and continuously growing rates and merges together with deliberation of molecular oxygen, while prevailing oxygen evolution thereby arises shifted to more positive potential values. These features reveal that due to its distinctly different steric factor, heavy water, in particular in acidic media, behaves as a stronger oxidizing agent than regular water. Some discernible properties of the interplay between hydrogen and oxygen on the Ir electrode in both electrolytes along the potential axis have been clearly marked and pointed out. The Rowland or EDTA effect was much more pronounced on the potentiodynamic and electrocatalytic features of the Ir electrode in alkaline solutions as compared with Pt and Pd, and therefore is displayed in more detail.