A mutual fund is a type of professionally managed collective investment vehicle that pools money from many investors to invest in diversified portfolio and investment units are assigned to them. investment unit is explanatory share of portfolio which fund bought and managed it on behalf of investors. Mutual funds are financial institutions of capital market achieved special place in the market during the recent years. Redeemable stock by fund or high liquidity of investment units, Variety of activities based on the investor's objectives, Using specialized management in portfolio, Reduce transaction costs, Investment diversification and risk reduction are Benefits of mutual funds which Be attracted view  Of people to investing in funds. Given the important role of the Fund in financial resource allocation in capital market, Performance evaluation of financial institutions is important and attractive for many of accounting researchers. This article introduces and classifies measures of  performance using in researches. Also, empirical studies related in mutual fund performance in developed markets, emerging markets and capital market of IRAN were reviewed.