This research aims to study the relationship between stock price synchronicity and liquidity. The sample comprises 162 Tehran Stock Exchange (TSE) traded ordinary common stocks over the period of 2000 and 2012. In order to test this relationship, panel data regression method was used. The results showed that there was a positive relationship between the stock price synchronicity and liquidity. Furthermore, the synchronicity was divided to systematic and idiosyncratic volatilities and their relationships with liquidity were evaluated. The results showed a negative relationship between these two variables and liquidity. Robustness tests showed that the change in the number of trading days has significant influences on the results. However, other omitted factors could probably have effects on the results. Morover, different measures for estimating idiosyncratic volatility affect significantly the relationship between liquidity and systematic volatility