This article examines the role of corporate identity in Iran’s foreign policy making. Drawing on interviews with Iranian stakeholders and an analysis of Iran’s political developments, this article surveys the three key elements of Iranian nationalism that shape Iranian foreign policy: Iranism, Islam and Shi’ism. This article finds that each of these is crucial in explaining the apparent contradictions in the approaches of several significant Iranian leaders, especially in cases where Iranism collides with religious values. By highlighting how each component is at once unique but still intrinsically linked to the others, this article demonstrates how Iran’s foreign policy choices can be understood in relation to its corporate identity.