We have critically reevaluated equilibrium iron isotope fractionation factors for oxide and sulfide minerals using recently acquired data obtained by Mössbauer spectroscopy and inelastic nuclear resonant X-ray scattering (INRXS) synchrotron radiation. Good agreement was observed in the iron β-factors of metallic iron (α-Fe) and hematite calculated using both Mössbauer- and INRXS-derived data, which supports the validity and reliability of the calculations. Based on this excellent agreement, we suggest the use of the present data on the iron β-factors of hematite as a reference. The previous Mössbauer-derived iron β-factor for magnetite has been modified significantly based on the Fe-sublattice density of states obtained from the INRXS experiments. This resolves the disagreement between naturally observed iron isotope fractionation factors for mineral pairs involving magnetite and those obtained from the calculated β-factors. The correctness of iron β-factor for pyrite has been corroborated by the good agreement with experimental data of sulfur isotope geothermometers of pyrite-galena and pyrite-sphalerite. A good correlation between the potential energy of the cation site, the oxidation state of iron and the iron β-factor value has been established. Specifically, ferric compounds, which have a higher potential energy of iron than ferrous compounds, have higher β-factors. A similar dependence of β-factors on the oxidation state and potential energy could be extended to other transition metals. Extremely low values of INRXS-derived iron β-factors for troilite and Fe3S significantly widen the range of iron β-factors for covalently bonded compounds.