The capital market is considered a subset of financial markets so the long-term financial resources required by manufacturing companies are provided from this part of the financial system. Therefore, the purpose of this study is to investigate the money supply (liquidity) and inflation rate as components of measuring macroeconomic variables on the development of the Iranian capital market with emphasis on the liberalization of justice stocks. Also, we have tried to study the relationship between macroeconomic variables (inflation and liquidity) with capital market development in the years 1384 to 1399 with quarterly data. The method used in this research is the co-integration method and error correction models and implicit reaction functions and analysis of variance. The hypotheses of this study have also been tested using the Distributed Interrupt Autoregression (ARDL) model. Research findings indicate that economic variables such as inflation, liquidity, exchange rates, etc. are stimulus and effective in changes in stock prices has been accepted as a theory. One of the characteristics of developed countries is the existence of efficient markets and financial institutions that, while playing an important role in the economy of these countries, are also the basis for the economic growth and development of these countries. Tehran Stock Exchange, as one of the main pillars of the capital market in the country, is able to accelerate the movement towards growth and development while equipping and pouring stagnant savings in the country and directing them towards production.