The Ricci iteration is a discrete analogue of the Ricci flow. Introduced in 2007, it has been studied extensively on Kähler manifolds, providing a new approach to uniformisation. In the talk, we will define the Ricci iteration on compact homogeneous spaces and discuss a number of existence, convergence and relative compactness results. This is largely based on joint work with Timothy Buttsworth (Queensland), Yanir Rubinstein (Maryland) and Wolfgang Ziller (Penn).