Makhzan al-Asrar is one of the five famous Masnavis of Nizami Ganjavi, which contains various stories and anecdotes in moral, social, and political spheres. One of these stories is the story of "The Old Woman and Sultan Sanjar". The story centers on the injustice faced by the old woman, unbeknownst to the sultan. Various topics have been depicted in literary works throughout history, including this story illustrated by several painters. This research attempts to examine and analyze the illustrations in the Safavid school with the analytical perspective of Erwin Panofsky's iconology. This research will aim to explore the form and content of the story based on the illustrations. The question raised in this research is, what is the relationship between the form and content of the illustrations based on Panofsky's views? This article was conducted in a descriptive-comparative manner, and the information was collected using a library method. The results show that the existing paintings from different periods mainly depict the first verse of the poem related to the story of "Sultan Sanjar and the Old Woman". Panofsky regards these works as exceptional art that embodies deep symbolism and religious significance, placing them in Iranian art's history and its influence on global culture. As an art historian, especially in Islamic works of art, Panofsky was able to apply his critical and analytical perspective conceptually and symbolically, contributing to a better understanding of the works of art. Clothing colors in Islamic art communicate social status and offer insight into the spiritual and psychological aspects of individuals. In this painting, the color of Sultan Sanjar's clothes is colored in orange and green, which symbolizes his power, wealth, and prestige. Also, his body shape and clothes are designed mostly in a straight and elongated way, an example of the king's power. In contrast, the old woman's clothes use softer and more subdued colors, such as white and blue, which symbolize simplicity and social poverty. The shape of her body and clothes is depicted by soft, curved lines so that all of these patterns and colors reflect the different social and class differences in society.