Over 70 people were killed and 100 others wounded in Sadr City, a southern suburb of the Iraqi capital, as two bombs went off at a crowded market, according to Reuters. Islamic State militants claim the attack.
Earlier, Alsumaria TV reported 28 fatalities. Security sources also told the channel there were several children among the victims.
The explosions ripped through a market selling mobile phones in the mainly Shiite Muslim district.
The assailants were suicide bombers riding motorcycles through the crowd, two police sources told Reuters.
But according to AP's sources, there was a bomb planted in the market area. Just minutes after it went off and a crowd gathered at the site of the explosion, a suicide bomber blew himself up amid dozens of people.
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Police sealed off the area of the incident. Those injured were taken to a near-by hospital.
Islamic State (IS, formerly ISIS/ISIL) terror group has claimed responsibility for the deadly bombings in a statement circulated online.
Earlier on Sunday, Iraqi forces managed to repel an attack by ISIS on the Baghdad suburb of Abu Ghraib, officials told AP.
According to police, suicide car bombers struck a security force barracks and several gunmen opened fire. At least 12 government members and 35 security forces were killed in the attack, medical officials said.
The situation is currently "under control" and a local curfew has been imposed, said Major General Saad Harbiya, the commander of military operations in western Baghdad.