Although various indicators of Islamic lifestyle have been explicated in various verses and hadiths, the lack of scrutinizing and fathoming of Islamic Intellectuals in this regard and also the lack of compatibility with today’s lifestyle has made the factors of Islamic lifestyle to be faded away in the contemporary society. Reflecting and contemplating on the Islamic verses and hadiths (a religious approach) as well as on business concepts (a technical approach) this study deals with identification of the factors of Islamic lifestyle in business field. At the level of purpose, the paper is applicable and at the level of data collection, qualitative. The research achievements include identification of 44 factors which should be observed in Islamic business and 28 factors which should be avoided. These factors are classified in three groups of religious features, ethical features and entrepreneurial ones.