Purpose: This paper addressed this issue by presenting a model for promoting the professional competency of EFL teachers in Iran. Methodology: In order to accomplish the purpose of the study, the grounded theory was adopted to investigate EFL expert teachers’ (key informants) articulations, experiences, and concerns about the subject and to develop a theoretical model across the participants; therefore, semi-structured interviews were conducted to 21 EFL experts (EFL faculty members, teacher trainers, supervisors and EFL teachers) who were selected by snowball sampling. Interview data, were analyzed with a grounded theory approach using constant comparison method. Findings: Major findings of the study suggested a multi-dimensional model of professional competency highly relevant to EFL teachers: cognitive/language skills competence; attitudinal/behavioral competence; and management competence. The interviewees also suggested that these competencies are under the effect of such influential factors in Iran as curriculum, individual characteristics, management and organization support, community, information technology, and media Conclusion: Furthermore, as a consequence of professional competency, it was clarified that EFL teachers' competencies affect their values, enthusiasm, communications and practice and most importantly supports their professional life long development. Policy makers and teacher training programmers can hopefully benefit from the presented competency model while making adaptations in teacher training both at pre-service and in-service levels.