In the present work, a novel sensitive electrochemical potentiometric sensor for sensing Fe3+ ions based on 1,4-diaminoanthraquinone (DAQ) as a hydrophobic selector element was prepared to implement as an ion selective carbon paste electrode in the aqueous solutions. The adequate amounts of ionophore (5%), paraffin oil (25%) as a binder, Nanosilica (NS: 0.5%) multi-wall carbon nanotubes (MWCNTs: 1%) as a modifier, and graphite powder (68.5%) as an inert matrix was occupied to form the paste. This new FeCP sensor demonstrated a Nernstian slope of 19.7 ± 0.7 mV per decade over widish linear range between 1.0 × 10–8 to 1.0 × 10–2 mol L–1 at working pH range of 1.9–5.0 in the optimized conditions. The average elapsed time to response of electrode was about ~6 s for concentrations from lower (1.0 × 10−8 mol L–1) to higher (1.0 × 10−2 mol L–1) of Fe3+ ion solution. The selectivity of electrode toward Fe3+ ions in comparison with other cations was studied by matched potential method. The making FeCP sensor has been put to use successfully as an indicator electrode in analytical applications such as the potentiometric titration and determination of iron(III) ion in blend of different ions.