Strategic performance evaluation of an organization within the industry environment is one of the basic and most important prerequisites of organizational improvement plans. In today’s knowledge-based economy and dynamic environment, it is essential for universities as the centers of education, knowledge creation and knowledge worker evolvement. Till now, variant models with different approaches are deployed to evaluate aspects of the organizations, within various industries. Balanced Scorecard is one of the powerful models for performance evaluation, which analyzes all aspects of the organization evenly. In this paper with the consideration of BSC strength in performance evaluation, it is used in combination with the TOPSIS technique to evaluate and ranking of the best’s Iranian Business Schools. The results could be used in developing plans for these schools as well as other Iranian Management and Business Schools beside it’s coefficient in adapting BSC to higher education and suitable combination of BSC with TOPSIS as a model of performance evaluation.