An absorbable iron-based alloy implantable medical device comprises an iron-based alloy substrate (11), a degradable polymer coating (16) disposed on the surface of the iron-based alloy substrate (11), and a corrosion inhibition layer (12) disposed on the surface of the iron-based alloy substrate (11). The corrosion inhibition layer (12) can delay early-stage corrosion of the iron-based alloy substrate (11), ensure mechanical performance of a medical device in the early stage of the implantation, prevent degradation of a polymer in the early stage of the implantation of the medical device, and reduce the usage of the degradable polymer, thereby reducing risks of inflammatory reactions.