Anemia is a major health problem. Being overweight has been a risk factor of iron deficiency (ID). The aim of the present study was to examine the possible correlation of obesity with the level of serum iron among young female students attending King Abdulaziz University, Jeddah, Saudi Arabia. This cross-sectional study included 164 young female students aged 18–25 years. The students were recruited between December 2017 and April 2018. All the participants underwent routine body measurements and blood collection for analysis of iron and different metabolic parameters. Students were divided in four groups according to BMI measurements. The results revealed increased glucose, cholesterol, HDL, SBP, DPB, uric acid levels and WBC counts in the group with a BMI ˃ 25 kg/m². The serum levels in the elevated BMI and reduced BMI groups were lower (77.22 ± 6.40 μg/dL and 49.37 ± 5.27 μg/dL, respectively) than those of the students in the normal-weight group (90.94 ± 7.91 μg/dL). In the overweight students, a high waist circumference (≥88 cm) was significantly associated with reduced serum iron levels. Our results point to an association between an elevated BMI and defects in iron homeostasis in young women.