This review deals with the important industrial reaction of formaldehyde manufacture by methanol oxidation over iron molybdate catalysts. Detailed reference is made to the used catalyst, preparation techniques (coprecipitation, sol-gel like, mechanical mixing, etc.) including unsupported and supported catalysts, promoters and characterization methods. The controversial active phase assignment (stoichiometric versus Mo rich iron molybdate) is discussed. The proposed reaction mechanisms and kinetic laws for the main and side reactions are examined. The catalyst deactivation processes are reviewed and the role of Mo excess on these processes is underlined. Finally conclusions and perspectives are presented.