Iron porphyrin carbenes (IPCs) are important intermediates involved in various chemical reactions catalyzed by iron porphyrins and engineered heme proteins, as well as in the metabolism of various xenobiotics by cytochrome P450. However, there are no prior theoretical reports to help understand their formation mechanisms and identify key information governing the binding mode, formation feasibility, and stability/reactivity. A systematic quantum chemical study was performed to investigate the effects of carbene substituent, porphyrin substituent, and axial ligand on IPC formation pathways. Results not only are consistent with available experimental data, but also provide a number of unprecedented insights into electronic, steric, and hydrogen bonding effects of various structural factors on IPC formation mechanisms. These results shall facilitate research of IPC and related systems for sustainable chemical catalysis and biocatalysis.