The current state of nuclear data evaluations requires improvement for fusion applications. In this context, the excitation function of the 56Fe(n,α)53Cr reaction from threshold to 20 MeV has been calculated using the Hauser-Feshbach statistical model with preequilibrium effects by the TALYS-1.4 code. Different types of nuclear level density models have been used in the calculation. The present calculations are compared with existing experimental data as well as with latest available evaluated nuclear data libraries ENDF/B-VII.1, JEFF-3.2, and JENDL-4.0. Good agreement between the calculated and the experimental data validates the nuclear model approaches with increased predictive power to supplement and extend the nuclear database. The present calculations have also been compared with the (n,α) reaction cross-section systematics at 14.5-MeV neutron energy.