This study investigated the effect of listening to podcasts on Iranian upper- intermediate EFL learners' self-regulation ability and their perception toward the use of technology. To meet the objectives of the current study, 54 female Iranian EFL learners were selected. In experimental group they listened to podcast files while in the control group they listened to a radio program. The practices were done through cognitive and metacognitive strategies. A self-regulation ability questionnaire was administered among the participants of both groups. Also, the data obtained from learners' self-reflection journals were added and interpreted qualitatively and supported the results of this study. Keeping a self-reflection journal provided a detailed account of learners' thoughts and perception regarding their listening to podcasts. It revealed learners' positive prospective toward podcasting application in the language learning process and it was clear that the participants in experimental group played a much more dynamic role as a learner. According to the findings of this study use of podcasts as an educational technology can significantly influence and foster self-regulation ability of the learners. Most participants showed a positive perception toward the use of podcast as an educational technology in language learning.