It is a transition metal complex consisting of an iron atom in the +3 oxidation state and three bidentate oxalate ions C2O2−4 anions acting as ligands.

In accordance with the IUPAC convention, the isomer with the left-handed screw axis is assigned the Greek symbol Λ (lambda).

In this process, the complex absorbs a photon of light and subsequently decomposes to form Fe(C2O4)2−2 and CO2.

The iron centre is reduced (gains an electron) from the +3 to the +2 oxidation state, while an oxalate ion is oxidised to carbon dioxide: This reaction provides an efficient chemical method for photometry and actinometry, the measurement of light and higher-energy electromagnetic radiation.

A lithium-6 nucleus can absorb a neutron and emit alpha particle 4He2+ and a triton 3H+ with high energies, which presumably decompose the nearby ferrioxalate.