Research is an indispensable part of any educational endeavour generally and graduate/postgraduate studies particularly, since the Iranian educational system requires M.A. and Ph.D. candidates to submit a thesis or dissertation as partial fulfilment of the requirements for attaining their respective academic degrees. However, a review of the related research reveals that students' perceptions of ELT research have largely gone unexplored. The current study is a step forward in attempting to fill the mentioned gap through an examination of Iranian graduate students' perceptions of conducting ELT research. In this line, 32 Iranian graduate-level ELT students were initially selected based on convenient sampling. Their perceptions of ELT research were collected through interviews and later analysed using the framework of Grounded Theory Analysis (GTA). The data collected in the form of participants' answers to interview questions were grouped into three general themes: a) definitions and conceptualisations, b) motivational drives, and c) challenges of conducting ELT research. The results revealed that by removing impediments to the way of conducting ELT research, the quality and quantity of research conducted by Iranian M.A./Ph.D. ELT candidates may be greatly improved. The findings may yield some implications for Iranian ELT policymakers, practitioners, instructors, researchers, and graduate students.