The worlds demand for oil and gas is growing continuously. Therefore Iran, which has the world's second biggest proven oil reserves, may become one of the main suppliers for the worlds needs. The only way to approach this is the efficient reservoir management. The reservoir management concept can be considered as a set of operations and decisions by which a reservoir is identified, measured, produced, monitored and evaluated from its discovery through depletion and final abandonment. 90 percent of Iranian reservoir rocks are fractured carbonates. Therefore properly established reservoir management process is vital for successful depletion of carbonate reservoirs. This work is based on a review of available publications about reservoir management in general and Iranian fractured carbonate reservoirs in particular. The main target is to evaluate current reservoir management processes utilized in Iran and furthermore to provide a set of recommendations to improve these processes. 3D reservoir modelling is the basement of successful reservoir management of carbonate reservoirs, the attention was also paid on how this modelling is performed in Iran at the present. The study has shown that there are established reservoir management procedures defined inside NIOC, but their further improvement is required.