Fe is the most abundant variable-valence element in igneous rocks, and is also an important mineralizing element, mainly in the solid (mineral) and liquid (fluid) phases in Fe²⁺ or Fe³⁺ valence state, and participates in magmatic processes and various mineralization throughout. With the development of test analytical techniques (e.g. MC-ICPMS), the analysis of non-traditional stable isotope compositions such as Fe has become possible and has been successfully applied to the study of important geological processes such as magma source tracing, tracing of crystallization evolutionary processes and mineralization analysis in the last decade or so. Based on the analysis of the fractionation effect of Fe isotopes during magmatism, this paper summarized the latest results of Fe isotope composition studies in tracing the action of seafloor basaltic magmas (MORB, OIB, IAB and BABB, etc.) and discussed the main problems in the application of Fe isotope composition in tracing the action of seafloor magmas. The results of the comprehensive analysis show that the Fe isotope fractionation effect in igneous rocks is influenced not only by the processes of partial melting of magma source material, magma diffusion, fluid exsolution and crystallization differentiation, but also by the assimilation of surrounding rock material and seafloor alteration. Since Fe isotope analysis techniques (methods) have yet to be further refined, and the available data are limited and need to be screened for artifacts, caution is still needed when using Fe isotope compositions to analyze or recover magmatic sources and processes. It is urgent to establish a complete and reliable Fe isotope tracing system, which requires the recent work to select as many suitable samples as possible representing different tectonic environments and different rock types, to obtain (accumulate) more fine analytical data of original (unmodified or altered) samples, and to pay attention to the combination or mutual corroboration of multiple data in the process of using Fe isotope tracing for seafloor magmatism.