We discuss the role of dynamical many-electron effects in the physics of iron and iron-rich solid alloys under applied pressure on the basis of recent ab initio studies employing the dynamical mean-field theory (DMFT). Electronic correlations in iron in the moderate pressure range up to 60 GPa are discussed in the first section. DMFT-based methods predict an enhancement of electronic correlations at the pressure-induced transition from body-centered cubic (bcc) alpha-Fe to hexagonal close-packed (hcp) epsilon-Fe. In particular, the electronic effective mass, scattering rate and electron-electron contribution to the electrical resistivity undergo a step-wise increase at the transition point. One also finds a significant many-body correction to the epsilon-Fe equation of state, thus clarifying the origin of discrepancies between previous DFT studies and experiment. An electronic topological transition is predicted to be induced in epsilon-Fe by many-electron effects; its experimental signatures are analyzed. Next section focuses on the geophysically relevant pressure-temperature regime of the Earths inner core (EIC) corresponding to the extreme pressure of 360 GPa combined with temperatures up to 6000 K. The three iron allotropes (bcc, hcp and face-centered-cubic) previously proposed as possible stable phases at such conditions are found to exhibit qualitatively different many-electron effects as evidenced by a strongly non-Fermi-liquid metallic state of bcc-Fe and an almost perfect Fermi liquid in the case of hcp-Fe. A recent active discussion on the electronic state and transport properties of hcp-Fe at the EIC conditions is reviewed in details. We also discuss the impact of a Ni admixture, which is expected to be present in the core matter. We conclude by outlining some limitation of the present DMFT-based framework and perspective directions for further development.
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