Background: Anemia affects around two-thirds of the world's population, and the majority of them are caused by iron deficiency anemia. Iron deficiency is more prevalent in women with childbearing age. Different factors contribute to iron deficiency, of which some of them are physiological and others caused by critical underlying conditions. Objective: Our objectives in this study to summarize and review the prevalence, possible risk factors, diagnostic tests, and management of iron deficiency anemia. Methodology: We searched the PubMed database looking for relevant articles to the topic using two Mesh terms, "Iron deficiency anemia" and "Management." Conclusion: Iron deficiency anemia can be attributed to various factors, and identifying the underlying etiology is essential to rule out serious hidden conditions. Diagnosis is mainly achieved by blood investigations, and treatment is only by oral or intravenous replacement. Ideally, the cause behind iron deficiency must be addressed and treated.