Tricarbonyl(cyclooctatetraene)iron is primarily used in organic synthesis and catalysis. It serves as a precursor in the preparation of various organometallic compounds, which are valuable in creating complex molecular structures. This chemical is also employed in research to study the bonding and reactivity of transition metal complexes with unsaturated hydrocarbons. Additionally, it finds application in the development of new catalytic processes, particularly those involving carbon-carbon bond formation, which are crucial in the production of pharmaceuticals and fine chemicals. Its unique structure and properties make it a useful tool in exploring novel reaction mechanisms and in the design of more efficient catalysts.