We present a comprehensive study of magnetic properties and high wave-vector magnon excitations in epitaxial Fe(001) films grown on Ir(001) substrate. The magnetic properties are investigated by magneto-optical Kerr effect for various thicknesses of Fe film from 4 up to 27 monolayers. The magnon dispersion relation is obtained by means of spin-polarized electron energy loss spectroscopy. By comparing the experimental and theoretical results, we comment on the effect of the strain induced tetragonal distortion in the Fe film and the electronic hybridizations between the film and the substrate on the exchange interaction and magnon dispersion relation. The thickness-dependent measurements show that the magnon dispersion relation does not change significantly while changing the film thickness in the regime, where the film is uniformly strained. In addition, the measurements are also performed on thicker Fe films, where the films are relaxed into a bulklike structure. The magnon energies close to the zone boundary differ from the ones measured on thick Fe(110) films on W(110). However, the magnon dispersion relation measured for both systems can be well described within the Heisenberg model by using the same effective exchange parameters.