Despite Korea winning the first three rounds, Iran ended the final round with a flourish to win a very tense match, 71:68.
Bringing home the gold for the Iranian side was Hossein Lotfi, Amir Mohammad Bakhshi, Erfan Nazemi, Sina Bahrami and Saeid Rajabi.
Iran, represented by Azad University, had already defeated Kazakhstan 48-33 and a spirited China 1 team 66:53 in the semi-final.
China won the bronze after beating USA by a huge score of 121:47.
The two-day event was held in Wuxi, China.