Iron boride is widely used in industrial applications due to its high hardness and excellent wear resistance. It serves as a key component in the production of wear-resistant coatings and surface treatments for metal parts, especially in mining, drilling, and cutting tools. Its thermal stability and corrosion resistance make it suitable for harsh environments, including high-temperature and abrasive conditions.

In metallurgy, iron boride is used as an additive in alloy manufacturing to enhance strength and durability. It also finds use in the development of advanced materials such as cermets and boron steel, which are valued in automotive and aerospace industries for lightweight and high-performance components.

Additionally, iron boride is studied for its magnetic properties and potential use in electronic and magnetic devices. Its ability to act as a catalyst in certain chemical reactions, particularly in reduction processes, adds to its versatility in chemical synthesis and industrial processing.