Iron Rail Cemetery was established in 1854 as a burial ground for the workers of the Eastern Railroad, which ran through the town. The cemetery is named after the iron rails that were used to construct the railroad tracks. The cemetery contains about 200 graves, most of them unmarked or with simple wooden markers. Some of the graves have metal plaques with the names and dates of the deceased, as well as their occupations and countries of origin. The cemetery reflects the diversity and hardships of the railroad workers, who came from various places such as Ireland, England, Scotland, Canada, and Germany. Many of them died from accidents, diseases, or violence. The cemetery is listed on the National Register of Historic Places and is maintained by the Wenham Historical Association.

The entrance to Iron Rail Cemetery is on Rubbly Road (MA-22) just north of the intersection with Grapevine Road.