This review aims to bring into focus the current understanding of hydrothermal systems and plume dynamics, tracers of hydrothermalism and the contribution of iron from hydrothermal vents to the global oceanic iron budget. The review then explores hydrothermal effect on surface ocean productivity. It is now well documented that scarcity of iron limits the production of chlorophyll-producing organisms in many regions of the ocean that are high in macronutrients. However, it is only recently that hydrothermal inputs have gained recognition as a source of Fe to the deep oceans that may potentially affect surface ocean productivity in some regions. A compilation of iron measurements from hydrothermal vents reveals that although hydrothermal studies measuring iron have increased significantly in recent years, there is still a dearth of data below 40°S. New analytical approaches for tracing iron sources, coupled with increasing sampling coverage of the oceans, is quickly improving knowledge of the effect of hydrothermal sources on biogeochemical cycles, a vital component in predicting future climate scenarios.