In this paper, we introduce the coupled Ricci iteration, a dynamical system related to the Ricci operator and twisted Kahler-Einstein metrics as an approach to the study of coupled Kahler-Einstein (CKE) metrics. For negative first Chern class, we prove the smooth convergence of the iteration. For positive first Chern class, we also provide a notion of coercivity of the Ding functional, and show its equivalence to existence of CKE metrics. As an application, we prove the smooth convergence of the iteration on CKE Fano manifolds assuming that the automorphism group is discrete.