Dirk Bauermann's men will meet China Olympic basketball team on Saturday while US Vocational Wing and Lithuania will play in the bronze medal match.
The tournament has brought a total of eight teams together in Suzhou, China, from July 27 to August 1.
The 2015 International Basketball Challenge is the inaugural edition of the Challenge which is planned to be an annual event.
Iran is preparing for the 2015 FIBA Asia Championship which will be held in Wuhan, China, from September 23 to October 3.