Abstract: Due to the scarcity of high−grade iron ore resources in China, and the flotation technology could enable the large quantities of low−grade iron ores into economically and quantitatively expended available resources, the further developing new flotation reagents with high selectivity, low−temperature resistance and environmental friendliness has become the key to ensuring the sustainable development of the steel industry. This paper systematically reviews recent research progress on collectors and inhibitors employed in both reverse and direct flotation systems for iron ore based on the crystal properties of iron minerals (such as magnetite and hematite), and silicate minerals (including quartz, amphibole and chlorite). In the reverse flotation for desilicication, traditional reagents such as amines and fatty acids are the dominant quartz collectors, while cation−anion combination collectors have recently become a popular research topic. Depressants for iron minerals consist mainly of classical reagents such as starch and its derivatives, as well as inorganic salts. However, the development of novel, non−toxic, environmentally friendly organic depressants is currently a key research and development trend. In the direct flotation system, the iron mineral collectors are mainly the fatty acids and their soap derivatives, and current research hotspots focus on combined collectors and novel, highly efficient chelating collectors that are suitable for low−temperature conditions. Quartz depressants are mainly water glass and organic carboxylic acids. The discussion on the current reagents demonstrates that the selectivity and separation performance of the reagents in both direct and reverse flotation systems must be improved urgently. Therefore, the main focus should be on developing highly selective desiliconization reagents is the main direction to increase the Fe grade and decrease the Si grade in iron concentrate, and could promote energy conservation, emission reduction and clean production.