In this paper, Fe2O3/C nanocomposite electrodes were prepared by loading Fe2O3 nanoparticles on various types of carbon via a chemical method for Fe/air battery anode. The effect of various additives, such as carbons, LiOH, and K2S, on the electrochemical properties of Fe2O3/C nanocomposite electrodes was investigated. The effects of LiOH and K2S additives depended on the employed carbon. For Fe2O3/C nanocomposite electrodes, the LiOH additive improved their cyclability and capacity retention, but had an insignificant effect on hydrogen evolution. The K2S additive had no beneficial effects on cyclability, but promoted the dissolution of iron to Fe(II) and significantly suppressed hydrogen evolution. Therefore, the LiOH additive provided more benefits than the K2S additive for the Fe2O3/C nanocomposite material.