The qualitative study presented in this paper uses the construct of investment, developed by Norton from the mid-1990s, to interpret data obtained from English language learners in Iran. Through the qualitative analyses, it examines the underlying factors that affect Iranian English as a foreign language (EFL) learners’ investment in learning English. Semi-structured interviews, which allowed for deep exploration of the learners’ investment,were conductedwith 20 male and female EFL learners. The data indicated that Iranian EFL learners valued English due to the economic, social, cultural, and symbolic capital that this language could bring for them. The findings also revealed that Iranian EFL learners could have a higher level of investment in language learning if some discouraging factors in the process of language learning were eliminated or changed for the better. The article argues for the significance of understanding EFL learners’ investment in language learning in the classroom. Pedagogical implications of the study are discussed, and some suggestions are made for future research. English Teaching & Learning

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