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In recent years, superelastic alloys have become a current research hotspot due to the large recoverable deformation, which far exceeds the elastic recovery. This will create more possibilities in practical applications. At present, superelastic alloys are widely used in the fields of machinery, aerospace, transmission, medicine, etc., and become smart materials with great potential. Among superelastic alloys, Fe-based superelastic alloys are widely used due to the advantages of low cost, easy processing, good plasticity and toughness, and wide applicable temperature range. The research progress of Fe-based superelastic alloys are reviewed in this paper. The mechanism of thermoelastic martensitic transformation and its relation to superelasticity are summarized. The effects of the precipitate, grain size, grain orientation, and texture on the superelasticity of Fe-based superelastic alloys are discussed in detail. It is expected to provide a guide on the development and understanding of Fe-based superelastic alloys. The future development of Fe-based superelastic alloys are prospected.