Abstract: Fe-based metallic glass is a kind of amorphous material dominated by metal material and it has no crystal defects, such as plane, site and point. In this paper, Fe-based metallic glass was analyzed from the aspects of chemical compositions, mechanical and magnetic properties, and anti-corrosion, decontamination and degradation mechanisms. Then, the current situations of corrosion control, waste water treatment, aging oil treatment, fracturing flowback fluid treatment, drilling fluid harmless treatment in the field of oil and gas field development were illustrated. Finally, the application prospect of Fe-based metallic glass in the field of oil and gas field development was described based on its properties, such as high elasticity, high strength, high soft magnetism, corrosion resistance, impact resistance and cold and heat resistance.