Ozone has been used for over 100 years to treat water for cities, bottling water plants and other commercial and industrial processes.   Home systems have been available for some years and improved in quality and design.

If you have iron, manganese, odor AND bacteria, ozone combined with proper filtration can work great and last for many years.

Ozone water treatment oxidizes iron, manganese, and sulfur in your well water to form insoluble metal oxides or elemental sulfur. These insoluble particles such as rust, are then removed by filtration which is typically activated carbon, manganese dioxide, or other media such as filter sand.

Ozone is much faster at killing bacteria and oxidizing iron and manganese compared to chlorine or peroxide.  One advantage for home use is that ozone is quite unstable and will degrade over a time frame ranging from a few seconds to 30 minutes.