In recent decades, the Caucasus region has become a focal point for global powers due to its geopolitical significance and abundant energy resources. As neighboring and influential states in the region, Iran and Russia have sought to consolidate and strengthen their positions in the Caucasus energy market through bilateral and multilateral cooperation. These collaborations—encompassing gas transit agreements, oil exports, and energy infrastructure development—not only help meet the energy needs of both countries but also significantly impact energy security and regional stability. Given the complex political and economic challenges and transformations at the international level, understanding the dynamics of Iran-Russia energy cooperation in the Caucasus is of particular importance. This study seeks to answer the question: How can bilateral and multilateral energy cooperation between Iran and Russia influence economic development, energy security, and geopolitical stability in the Caucasus region? The research employs a descriptive-analytical method, and the findings indicate that Iran-Russia cooperation, while improving energy infrastructure, enhancing energy security, and fostering economic development in the Caucasus, has also strengthened the strategic influence of both nations in the regional energy market and reduced the region’s dependence on other energy suppliers. The results of this research can inform future energy policies of Iran and Russia, fostering stronger ties and facilitating new trade agreements under the auspices of the Eurasian Economic Union. These efforts will gradually further develop the economic relations between Iran and Russia.