Reflecting its symmetrical structure and charge neutrality, Fe(CO)5 is volatile; it is one of the most frequently encountered liquid metal complexes.

Fe(CO)5 exhibits a relatively low rate of interchange between the axial and equatorial CO groups via the Berry mechanism.

"[5] Samples were prepared by treatment of finely divided, oxide-free iron powder with carbon monoxide at room temperature.

Industrial synthesis of the compound requires relatively high temperatures and pressures (e.g. 175 atm at 150 °C)[6] as well as specialized, chemically resistant equipment (e.g. composed of copper-silver alloys).

It is necessary to use iron sponge as the starting material, and harsher reaction conditions of 5–30 MPa of carbon monoxide and 150–200 °C.

Ullmann's Encyclopedia of Industrial Chemistry reports that there are only three plants manufacturing pentacarbonyliron; BASF in Germany and American Carbonyl in Alabama have capacities of 9000 and 1500–2000 tonnes/year respectively.

Common Lewis bases include isocyanides, tertiary phosphines and arsines, and alkenes.

[12] Receiving the greatest attention are complexes of the cyclohexadienes, the parent organic 1,4-dienes being available through the Birch reductions.

This compound, called "Fp dimer" can be considered a hybrid of ferrocene and Fe(CO)5, although in terms of its reactivity, it resembles neither.

In Europe, iron pentacarbonyl was once used as an anti-knock agent in petrol in place of tetraethyllead; it was produced by IG Farben and commercially marketed under the trade names, “Motolin” and “Monopolin”.

Fe(CO)5 is used in the production of "carbonyl iron", a finely divided form of Fe, a material used in magnetic cores of high-frequency coils for radios and televisions and for manufacture of the active ingredients of some radar absorbent materials (e.g. iron ball paint).

If inhaled, iron pentacarbonyl may cause lung irritation, toxic pneumonitis, or pulmonary edema.