The six-day drill dubbed Velayat 91 was launched Friday in southern Iran.
The latest version of the indigenously built surface-to-air medium-range Ra'd (Thunder) missile and the short-range cruise missile Nasr (Victory) were tested.
Nasr can destroy vessels of up to 3,000 tonnes, Defence Minister Ahmad Vahidi said.
The navy also successfully test-fired torpedoes by destroying targets, Xinhua quoted the Press TV as saying.
