Yes. Both residents and non-residents who are under the age of 16 are exempt from the need to purchase a fishing license, as are residents who are actively serving in the armed forces.
Residents of Iowa have the option of purchasing a license that is valid for either three years, one year, or other shorter terms.
You can buy a fishing license at a licensed seller, over the phone, or online at the Iowa Department of Natural Resources website. An additional stamp is necessary to purchase certain fish species.