We present a review of basic experimental facts on the new class of high - temperature superconductors - iron based layered compounds like REOFeAs (RE=La,Ce,Nd,Pr,Sm...), AFe_2As_2 (A=Ba,Sr...), AFeAs (A=Li,...) and FeSe(Te). We discuss electronic structure, including the role of correlations, spectrum and role of collective excitations (phonons, spin waves), as well as the main models, describing possible types of magnetic ordering and Cooper pairing in these compounds.