Iron(III) 2,4-pentanedionate is used as a precatalyst and reagent in organic chemistry. It acts as a precursor for highly crystalline (Zn, Fe)Fe₂O₄ films and magnetic property measurements of these films. It catalyzes the dimerization of isoprene to a mixture of 1,5-dimethyl-1,5-cyclooctadiene and 2,5-dimethyl-1,5-cyclooctadiene, ring-opening polymerization of 1,3-benzoxazine and catalyze the reaction of N-sulfonyl oxaziridines with olefins to form 1,3-oxazolidine products.

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