I've thoroughly cleaned and painted the wrought iron railing at my mothers house, and I'll give you some tips that worked well for me. Some of my tips even have chemistry behind them.
Remove all old paint, rust and scale manually first. Its just too much work for the paint or cleaners to do most of the work for you on stuff that's held loosely. Once they're off, they take the cleaner with them, and so the next bit never sees the next bit of rust or scale. So what I'm telling you to do is work first. Seems like I have to tell every new poster on these boards that. Heh. Get a wire brush attachment for your drill, or get a Dremel tool for tight spots.
Once most of the rust and scale is off, if there's any paint, you might try a paint stripper. Skip this step if there's no paint, but don't skip it if there is, you want a clean surface to start. Note, some of the safer strippers are aqueous acid based, which means, yeah, by the time you're done, your iron will be rustier again, and you'll want to give it a quick, cursory, manual descaling again. Sorry.
Go to the hardware store and pickup some naval jelly. This is phosphoric acid in a gel matrix, you can slobber it on, and let it work on the scale and rust. It's too weak of an acid to hurt bare iron, but if there's lots of scale (loose flaky rust) the surface will remain pitted afterward. Hey, you wanted the rust gone right? If part of it is mostly rust, you're gonna leave a hole. Phosphoric acid really removes iron rust well.
Rinse it off with a dilution of sodium triphosphate, also from the hardware store. This step is optional, but I really like it. This is neutralized phosphoric acid, and you want the acid gone because acid speeds rusting. Phosphate reacts with iron to form iron phosphate which doesn't rust, and it bind tightly to iron preventing further rusting. The best iron phosphate coatings happen in a highly basic medium, often electrolytically. But still, you'll be making some with the naval jelly and STP. Iron phosphate is a "thirstier" surface than bare metal for paint.
Apply one or two primer coats. I like spray paint, but you can brush on two thin coats. I like to use a certain brand, but any bare metal primer is good. Try to buy the same brand of primer as paint. Primer has superior coating properties. But it tends to lack good pigmentation, seems to come in grey or white or brown. The surface is even "thirstier" for paint, but will really lack wear capabilities. So you can't stop here.
Apply one or two top coats. The same rust resistant brand of paint, in the color and finish you want. This will protect the primer from wearing off, and the iron from rusting more.
My father would just slap on more paint over the rusting bubbles every few years. My through job has lasted 7 years outside with minimal touch up needed.