The Iron Man Armor has a set of amazing powers and abilities, some even based on other superheroes.
Standard Armor Abilities
The Iron Man armor is one of the most powerful weapons in the world. Tony's normal armors can carry to 150 tons while Mark 38 (Igor) can carry an entire oil rig ( which weighs in excess of a million tons ) . The most powerful armor is the Extremis armor which makes Iron Man an extremely powerful hero as he can use the nanotechnology to create hundreds of armors to attack multiple enemies at once.
Advanced Armor Abilities
Iron Man not only has super strength, flight, durability, and armor plating, but also has another wide range of powers and abilities. Iron Man can create magnetic fields and manipulate them to create magnetic waves/magnetic pulses and make him magnetic proof. He can also make 3D holograms, which he uses as decoys or generates them on the different armors. Iron Man can also use his nanotechnology to create anything including more armors and even unlimited energy so he never runs out of power.
Tony can generate weaponry on either his gauntlets, shoulders, back, helmet, and legs. He can make force fields, which he could use to protect allies and himself. Iron Man can control most forms of energy, from kinetic to solar. Tony possesses superhuman speed by jet-propelled roller skates.
Iron Man can project ultra-freon beams, that can emit freeze rays. including telescoping blades. He could shape shift into another armor or generate a whole group of weapons. The suit also possesses an advanced filtration system for urine. The resulting water is reportedly "drinkable". The Iron Man armor possessed the ability to generate powerful anti-gravity fields.other armors. When the armor is in War-machine like mode Iron-man could create his own ammunition and open secret compartments containing weaponry. Iron Man can generate electro-magnetic energy shields, that can shut down any electronic devices surrounded by these shields, along with inertia dampening fields, cosmic-containment fields that could neutrilise any cosmic powered beings and objects, and energy laser shields, which are force fields that can discharge laser blasts when damaged. Iron Man had magnetic-repulsion fields that could repel any electrical and magnetic attacks. The armor can also create powerful anti-matter charges that can destroy the world's widest mountain range and destroy anything larger than Mount Everest. The armor also has a lot of entertainment equipment when not facing enemies, like a music and surround system. The armor can scan for gamma particles in the air and then eradicate them.