The aim of this study was to investigate the relationship between Dividend policy and investment with regard to the role of cash flow uncertainty. Uncertainty in the cash flow in terms of lack of cash flow and cash flow volatility is measured. The test research hypotheses, multivariate regression analysis and panel data approach with fixed effects is used. Sample includes firms listed in Tehran Stock Exchange during 2009 to 2014. Findings indicate that there is no relationship between Dividend policy and investment, but capital expenditures affected dividends In terms of cash flow volatility.The aim of this study was to investigate the relationship between Dividend policy and investment with regard to the role of cash flow uncertainty. Uncertainty in the cash flow in terms of lack of cash flow and cash flow volatility is measured. The test research hypotheses, multivariate regression analysis and panel data approach with fixed effects is used. Sample includes firms listed in Tehran Stock Exchange during 2009 to 2014. Findings indicate that there is no relationship between Dividend policy and investment, but capital expenditures affected dividends In terms of cash flow volatility.