This paper aimed to identify and explain ethical components of agri-business based on perception cluster analysis of agri-business’ managers and owners. Mixed method approach was employed. Target population contains all the entrepreneurs, owners and managers of agri-business in Golestan province. In the first phase, using qualitative semi-structured interview, the respondents’ perception about ethical issues in agri-business were identified. In order to exploit ethical agri-business items, qualitative contents analysis was applied. In the second phase, exploited items were assessed using a researcher-made questionnaire based on five point Likert scale. Gathered data were analyzed by hierarchical cluster analysis technique. Cluster analysis revealed that ethical conceptual component of agri-business include resource conservation, organic low input production, environmentalism, religious belonging, social stewardship, fair trade, institutional solidarity and participation, entrepreneurialism, respect for labor rights, progressivism and meritocracy, quality orientation, public extension of knowledge and technology, work safety and workplace ergonomics, commitment to community development and social marketing. Regarding multi-dimensional aspect of ethics in agri-business, integrating these dimensions in theoretical patterns, conceptual framework and mechanisms of agricultural sustainable development and extension was recommended.