Present research offers mobile learning business model in Iran context. In this regard, reference business models are studied and among them Business Model Ontology (Osterwalder, 2004)is selected as the reference model for this study which is applied for m-learning business for Iran during 3 months. The selected business model has been customized. Then in a subsequent stage, the exploratory qualitative study using case study method has been adopted. Iranian existing companies in this field have been selected as our prototype sample based on their connection or potentiality to the subject of the study. To make sense out of the data, it was organized according to a classificatory scheme developed on the basis of the interviews. Items were identified from the data and defined according to their general properties and dimensions. We could recognize main elements of business model and applied them to mobile learning in Iran. Furthermore,we could explain the internal relationships among modules of the adopted business model. According to mobile learning infrastructure as well as a fragile and new essence of mobile learning in Iran as a developing country, sub-elements of current business model modules are varied in comparison with other countries especially developed countries. Therefore we think it requires many relevant activities to support adopted sub-elements particularly in marketing that should be attained target customers, maintained and supported them. It is necessary firstly customers should accept mobile learning industry as a new phenomenon in Iran then they can trust it and became loyal customer.