In the study it has been intended to examine Omar Khayam`s ethical theory as reflected in his ruaiyat and its relation to Islamic ethical philosophy. The necessity of the study lies in Khayam`s fundamental influence in literature and various and, in some cases, contradictory comments of his philosophy and ethics. And again, it is intended to study his ethical view in comparison with contemporary ethical views. As explained in the paper, Khayam supports a sense of ethical hedonism tending to satisfy human temporal desires. Such a wiew, therefore, would be against that of great Muslim thinker like Avicenna and Ibn Miskawayh emphasizing on reasonable and spiritual pleasures. Needless to say, such a view has been caused by his skeptical philosophy of the universe understandable from his poems. Finally, given view of such scholars as Motahhari and Ja`fari in denial of skeptical rubaiat to be from Khayam, one may not view him as pessimist and supporter of hedonism.