Received: This study aims to investigate corporate governance's effect on the relationship between macroeconomic uncertainty and cash holdings in companies listed on the Tehran Stock Exchange. Methodology: For this purpose, 180 companies were selected during the period from 2012 to 2018. This study studied the effect of three macroeconomic uncertainty variables,Economic growth rate fluctuations, inflation rate fluctuations, and exchange rate fluctuations, which have been studied on cash holdings. Corporate governance has been used as a moderating variable. In this study, multivariate linear regression has been used for analysis. Results: The results of this study show that with increasing macroeconomic uncertainty, cash holdings decrease Conclusion: with increasing macroeconomic uncertainty, strong corporate governance has had a positive effect on cash holdings. Contribution: The presence of strong corporate governance mechanisms has positively affected the relationship between the inflation rate and the exchange rate and the amount of cash retention.