Relations between the Islamic Republic of Iran and the Russian Federation are imbalanced across various aspects and dimensions, despite their overall progress following a plausible trajectory. Fundamentally, Russia views Iran primarily as an actor that can help counter U.S. unilateralism—particularly given that both nations are subject to sanctions by the United States and Europe—as well as extremist movements in Central Asia, the Northern Caucasus, and Chechnya. However, several barriers hinder the expansion of relations between the two countries. These include Iran’s historically negative perception of Russia, the Islamic Republic’s foreign policy principle of non-dependence on major powers, limited economic capacities, and subtle competition in energy markets, among other factors. Such constraints have prevented the formation of a strategic alliance between the two nations, despite their close collaboration on specific issues, such as the Syrian crisis. This paper aims to examine the relations and cooperation between the Islamic Republic of Iran and the Russian Federation through the lens of game theory. The research follows a descriptive-analytical approach, utilizing game theory as a framework for analyzing international relations. Data collection is based on library research and a review of relevant resources on Iran-Russia relations from a game-theoretical perspective. Findings indicate that Iran-Russia relations and cooperation, particularly in areas such as bilateral and periodic defense collaborations and strategic partnerships in regional conflicts, align with cooperative game dynamics. However, at a broader regional level, Russia’s strategic approach remains pragmatic and guided by the principle of equilibrium. Despite their mutual cooperation, Iran and Russia are also regional rivals, as evidenced by their differing policies and actions concerning Saudi Arabia, Israel, and the Persian Gulf states.