The main purpose of this surveying research was to investigate the effective factors affecting entrepreneurial mentality of graduate students of the University College of Agriculture & Natural Resources, University of Tehran. The target population consisted of 686 graduate students (M. Sc. & Ph. D levels). To select sample population, stratified sampling was employed the sample size being comprised of 150 students. The questionnaire's validity was confirmed by a panel of faculty members of Tehran University. Reliability was assessed through Cronbach's Alpha (a=0.84, 0.93 and 0.79 for psychological factor, educational and university factor and for entrepreneurial mentality respectively) indicat the reliability of the questionnaire as acceptable. SPSS/win software was empolyed for data description and analysis. The results of correlation analysis showed that there were significant relationships between age, physiological factor, educational and university factor and the dependent variable namely entrepreneurial mentality. The results of regression analysis showed that physiological factor, educational and university factor as well as age respectively explained 63.5 percent of variances of dependent variable. Also the results of t- test showed that there were significant differences observed between the independent variables marital statuses, invention, occupation, father's education level, organization, and entrepreneurial mentality as the dependent variable.