Abstract :Oil prices shocks are one of the main factors affecting economic variables especially economic growth. With this approach, the present study is about studying negative and positive price shocks of oil and the official exchange rate with perspective of leverage effect of shocks on economic growth of Iran. This study tends to consider the leverage effect of oil price on economic growth of Iran using EGARCH method in period 1980 to 2014. The results show that the leverage effect is confirmed and has different effects for each unit of positive and negative shock on economic growth. Also the official exchange rate and light oil price shock has positive and meaningful effect and the shock of heavy oil price has negative and meaningful effect on economic growth.