In the recent years there has been a growing interest in corporate cash holdings in the finance literature. This interest has been especially motivated by the fact that corporations hold significant amounts of cash in their balance sheets. The main purpose of this study is to examine the curvilinear relationship between financial leverage and corporate cash holdings. Also, this study examines the curvilinear relationship between cash holdings and firm value. The sample of this study, includes 105 companies listed in the Tehran Stock Exchange during the period 1386-1390 and for processing and testing hypotheses, regression method is used. Study findings support the U-shaped relationship between financial leverage and corporate cash holdings and between corporate cash holdings and firm value.