Malnutrition remains a major global issue-affecting people of all ages. Iron deficiency is one of the existing malnutrition deficiencies limiting long-term human development. Food-based interventions play a vital role in the growth, development (physical and cognitive), and socioeconomic status of an individual. Several food-based approaches (viz., fortification and bio fortification of staple foods) have been employed for improving malnutrition in vulnerable populations. In underdeveloped countries, staple foods like rice, wheat, beans, and pearl millets etc. are being actively fortified and bio fortified to enhance the iron content intended to deliver the required nourishment with optimal consumption. However, translational iron levels from functional foods may not be proportional to iron absorbed into systems. Considering the effectiveness of bioavailability, additional emphasis is required in establishing the same for the functional foods which could serve as an effective alternative to existing methods in mitigating iron malnutrition. This review emphasizes the importance of iron, iron physio-pathological, and the current status of food strategies in dealing with iron malnutrition.