Ferroptosis is a new kind of regulated cell death that is characterized by highly iron-dependent lipid peroxidation. Ferroptosis involves various biology processes, such as iron metabolism, lipid metabolism, oxidative stress and biosynthesis of nicotinamide adenine dinucleotide phosphate (NADPH), glutathione (GSH) and coenzyme Q10 (CoQ10). A growing body of evidence suggests that ferroptosis is associated with cancer and neurodegenerative diseases (Alzheimer's disease, Parkinson's disease and Huntington's disease). This finding has helped develop a novel cytoprotective strategy to protect cells in neurodegenerative, blood and heart diseases by inhibiting ferroptosis. Meanwhile, the selective induction of ferroptosis has been adopted as a potential treatment strategy in some kinds of cancer. This review aims to summarize the mechanism of ferroptosis regulation and relevance to pathological physiology.