Microbial Fe(III) reduction is an important factor for biogeochemical cycle in anaerobic environments, especially sediment of freshwater such as lakes, ponds and rivers. In addition, the Fe(III) reduction serves as a model for potential mechanisms for the oxidation of organic compounds and the reduction of toxic heavy metals, such as chrome or uranium. Shewanella putrefaciens DK-1 was a gram-negative, facultative anaerobic Fe(III) reducer and used ferric ion as a terminal electron acceptor for the oxidation of organic compounds to $CO_{2}$ or other oxidized metabolites. The ability of reducing activity and utilization of various electron acceptors and donors for S. putrefaciens DK-1 were investigated. S. putrefaciens DK-1 was capable of using a wide variety of electron acceptor, including $NO_{3}^{-}$, Fe(III), AQDS, and Mn(IV). However, its ability to utilize electron donors was limited. Lactate and formate were used as electron donors but acetate and toluene were not used. Fe(III) reduction of S. putrefaciens DK-l was inhibited by the presence of either $NO_{3}^{-}$ or $NO_{2}^{-}$. Further S. putrefaciens DK-1 used humic acid as an electron acceptor and humic acid was re-oxidized by nitrate. Environmental samples showing the Fe(III)-reducing activity were used to investigate effects of the limiting factors such as carbon, nitrogen and phosphorus on the Fe(III) reducing bacteria. The highest Fe (III) reducing activity was measured, when lactate as a carbon source and S. putrefaciens DK-1 as an Fe(III) reducer added in untreated sediment samples of Cheon-ho and Dae-ho reservoirs.