Iodobenzene is commercially available, or it can be prepared in the laboratory from aniline via the diazotization reaction.

In the first step, the amine functional group is diazotized with hydrochloric acid and sodium nitrite.

Potassium iodide is added to the resultant phenyldiazonium chloride, causing nitrogen gas to evolve.

Iodobenzene reacts readily with magnesium to form the Grignard reagent, phenylmagnesium iodide.

Phenylmagnesium iodide, like the bromide analog, is a synthetic equivalent for the phenyl anion synthon.