Pejman Montazeri was one of the talented players emerging from Foolad Khuzestan youth development program. After being selected for the senior squad, hwas in the team that won Iran Pro League in 2005
Montazeri played for Foolad in the 2006 AFC Champions League group stage.
After Foolad was relegated to the Azadegan League, Montazeri signed with Esteghlal. He had been a regular player for the team in his first two seasons, where he won the Iran Pro League and the Hazfi Cup. He extended his contract with Esteghlal until 2013 where he won the league title in the 2012–13 season. He also reached the semi-final of the Asian Champions League with Esteghlal in 2013.
Montazeri moved to Qatart where he plays for Al Ahli Club in Doha.
Formed a good partnership with Jalal Hosseini in Team Melli.
After a fe seasons in Qatar Star League , Montazeri returned back to Esteghlal in 2017/2018 season