This study aims to identify the barriers to implementing corporate governance in Iranian state-owned enterprises (SOEs) using the three-pronged model. Given the strategic role of SOEs in achieving national macroeconomic and social goals, and ongoing challenges in transparency, accountability, and managerial independence, a detailed analysis of these inhibiting factors is increasingly essential. The research employs a qualitative approach with thematic analysis as the main method. Fifteen academic experts and senior SOE executives were purposively selected and interviewed through semi-structured interviews. Data were systematically coded and classified into basic, organizing, and global themes.The findings reveal that barriers fall into three major categories: contextual factors (e.g., weaknesses in legal and regulatory frameworks, political interference, institutional misalignment, and political economy constraints); structural factors (including inefficiencies in governance bodies and committees, and deficiencies in risk management and financial reporting); and behavioral factors (such as conflicts of interest, resistance to change, non-professional managerial culture, and managerial instability). The interaction among these levels creates a cycle of inefficiency that reduces governance effectiveness in SOEs. Addressing these barriers requires an integrated, cross-sectoral approach. By offering a context-specific understanding of corporate governance barriers in Iran, this study provides a foundation for policymaking, regulatory design, and improving supervisory mechanisms in Iranian SOEs.