This paper reviews the literature on the preparation and use of skeletal iron catalysts formed by leaching iron-aluminium alloys in aqueous caustic solutions. The review includes the preparation of the alloys, the conditions and kinetics of leaching of aluminium from the alloys to produce the porous iron along with the characterisation of the resultant catalysts. Studies of the use of skeletal iron catalysts in the Fischer-Tropsch, High-Temperature Water Gas Shift and hydrogenation reactions of industrial importance are also reviewed.