Since its establishment in 1979, Islamic Republic of Iran has viewed Israel as an illegitimate political entity. Despite the fact that this position has been regarded as one of the most enduring, constant features of Iran’s foreign policy ever since, it should be underlined that the relevant political expressions in this regard have remained totally unchanged. Based on interpretational approach, this article looks into the dynamics of Iran’s policy towards Israel. It suggests that the master-discourse of “oppressed-ness” has held sway throughout the period under review. However, the two sub-discourses of “lawfulness-dialogue” and “justice-struggle” have come to bear on the official policy and led to different articulations of the master-discourse.