Richard Browning of Gravity Industries, has developed a flying suit that allows the wearer to fly in a similar manner to Marvel's Iron Man. Its still very much in the development stage but is commercially available to those with enough money and lack of fear.
The video below goes through the design process that arrived at the current design - its a great example of iterative development using trial and error with quick iterations to arrive at a workable solution.
Richard Browning isn't the first person to fly like Iron Man - hydro board inventor Franky Zapata has created the FlyBoard Air, a jet powered hoverboard that looks like something straight out of science fiction.