You can mine this item from mining level 0 and can start tracking it at level 25. Tracking automatically lets you see iron veins appear on your compass (top) when nearby.
Iron ore can be used to forge Iron Ingot at the Smelter. Iron ingots can be used to make low level iron armors, iron weapons, iron tools, and steel ingots. You can also obtain this item at the smelter by downgrading Steel Ingot with Weak Solvent.