In addition to the economic value of its relations with Iran, Russia could substantially benefit from its ties with Iran, who enjoys significant social capital and impact in the Islamic World, to generate the necessary balance within its peripheral environment. There are different key factors in making Iran-Russia cooperation increasingly important; political elements, huge natural resources of the two countries – particularly the energy resources, significant human resources potentials, homegrown military capabilities and the regional and international developments which enhance their scope of maneuver. Taking into consideration those elements, the present article addresses the challenges as well as opportunities in Iran-Russia relations in bilateral, regional and international levels up to 2018 and, adopting a future-based approach, suggests ways and mechanisms to enhance and develop the Iran-Russia relations.