Oil revenues have long played a pivotal role in shaping the economic structures and fiscal policies of resource-rich nations. This study provides a comparative analysis of the legal systems and budgetary policies of Iran and Norway regarding oil revenue management. The main objective is to explore how each country regulates oil income, ensures fiscal transparency, and promotes sustainable development. The research adopts a descriptive–analytical approach, using documentary and statistical sources from 2008 to 2025. Findings indicate that Norway, through the establishment of a sovereign wealth fund, transparent budgeting, and anti-inflationary policies, has successfully transformed oil income into long-term national wealth. In contrast, Iran’s budget remains heavily dependent on oil revenues, with weak oversight mechanisms and an absence of mid-term fiscal strategies leading to instability. The study concludes that revising Iran’s petroleum legislation, strengthening the autonomy of the National Development Fund, and enhancing fiscal accountability are essential measures for reducing oil dependency and achieving intergenerational equity.