Iberiotoxin is primarily used in research to study the function of potassium channels, particularly the large-conductance calcium-activated potassium (BK) channels. It is a potent and selective blocker of these channels, making it a valuable tool for understanding their role in various physiological processes.

In neuroscience, it helps investigate the regulation of neuronal excitability and neurotransmitter release. In cardiovascular research, it is used to explore the role of BK channels in vascular tone and blood pressure regulation. Additionally, iberiotoxin is employed in studies of smooth muscle function, particularly in the respiratory and urinary systems, to understand its impact on muscle contraction and relaxation. Its specificity allows researchers to dissect the contributions of BK channels in complex biological systems.