What does "oxidized form" and "reduced form" mean?
In this case, the adjective "reduced" does not imply something is actually being reduced. It simply refers to the form of the element in question which has the lower oxidation state. Let's say something is getting oxidised in a half-reaction, for example

$$\ce{Fe^2+ -&gt; Fe^3+ + e-}$$

Iron takes two forms here, $\ce{Fe^2+}$ and $\ce{Fe^3+}$. $\ce{Fe^3+}$ is the oxidised form, that much is obvious, right? Then, $\ce{Fe^2+}$ is the reduced form.

No $\ce{Fe^3+}$ is actually being reduced to $\ce{Fe^2+}$. However, it is still correct to refer to $\ce{Fe^2+}$ as the "reduced form", since it is the form of iron with the lower oxidation state.