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During the reign of the Shah, in spite of their vastly different political regimes, the People’s Republic of China (PRC) and Iran gradually developed a relationship, which even the Islamic Revolution of 1979 did not disrupt. On the contrary, from the 1980s onward, relations have developed steadily. Since 2003, the issue of the Iranian nuclear program has only brought them closer. An isolated Tehran has sought more Chinese support, while Beijing has used this context to strengthen ties and deepen its economic involvement in the country. Over the past two decades, Tehran and Beijing have thus consolidated their multifaceted relationship. While the signing of the Joint Comprehensive Plan of Action (JCPOA) in Vienna on July 14, 2015, had contrasting effects on their bilateral relations, the Trump administration’s withdrawal in May 2018 signaled a new phase for the Iran–China relationship. Facing limited options, Tehran again turned to the PRC, which had become its most important supporter. In view of these developments, one may wonder about the possibility of an “alliance” between the two regimes. The dynamics at play, the countries’ shared interests, and the multiple forms of cooperation put in place seem to favor this possibility. This assumption, however, ignores important limitations on their bilateral relations.