The invention discloses an absorbable iron-based alloy stent, comprising an iron-based alloy substrate and a degradable polyester in contact with the surface of the substrate, in which the degradable polyester has a weight average molecular weight of between 20,000 and 1,000,000 and a polydispersity index of between 1.2 and 30. With the degradable polyester, the iron-based alloy is capable of corroding rapidly and controllably within a predetermined period. Following implantation into the human body, the degradable stent serves as a mechanical support at early stage, then gradually degrading and being metabolized and absorbed by the human body. During the process of degradation, minimal or no solid product is produced. Ultimately, the configuration of the lumen with an implanted stent as well as the systolic and diastolic functions thereof return to their natural states.