Ferroptosis has recently been proposed as a novel form of programmed cellular necrosis, which occurs in various diseases, with serious impacts on human health. Numerous studies have shown that inhibition or promotion of ferroptosis can improve aging and aging-related diseases, and have highlighted an important role for traditional Chinese medicine. This paper reviews the effects and mechanisms of ferroptosis on aging and aging-related diseases, as well as recent research progress in the use of traditional Chinese medicine for the treatment of these diseases, with the aim of providing more options for the treatment and prevention of aging and aging-related diseases.