Abstarct: The present research examines the relationship between corporate governance with liquidity and stock return. To conduct this research; an indicator was stated for the appraisal of the corporate governance quality (CGI), the percentage of out members of board and also the percentage of institutional shareholders were used as independent variables. The rank of liquidity and the adjusted Amihud as measures of liquidity, and stock return were used as dependent variables. The subjects of the study were 82 companies of Tehran Stock Exchange (TSE). The study has been conducted during the years 2010-2013, using Panel Data pattern. The research findings show a meaningful relationship between Corporate Governance Indicator (CGI), and both liquidity measures. Findings don't show meaningful relationship between CGI, and stock return. Moreover, findings didn't show any meaningful relationship between the percentage of out member of board and any dependent variables of the research. Also percentage of institutional shareholders shows a meaningful relationship only with the rank of liquidity.