In an effort to find the best anode material for Fe/air batteries, a Fe2O3/AB (Acetylene Black) composite was prepared by dry-type ball milling using Fe2O3 nanoparticles and AB as the active and additive materials, respectively. The effects of various binders and Fe2O3 content on the electrochemical properties of Fe2O3/AB electrodes in alkaline solution were investigated. It was found that the content of Fe2O3 strongly affected the electrochemical behavior of Fe2O3/AB electrodes; with Fe2O3 nanopowder content reaching 70 wt.% for the electrode and showing improvement of the cyclability. When the electrode binder polytetrafluoroethylene (PTFE) was used, clear redox peaks were observed via cyclic voltammetry (CV), while polyvinylidene fluoride-containing electrodes provided CV curves with unobservable redox peaks. Increasing either binder content in the electrode showed a negative effect in terms of the cyclability of the Fe2O3/AB electrode.