Raw materials account for a significant share of the cost structure of Iraqi industrial enterprises, and since a large part of these enterprises are either owned by the government or operate in close connection with public sector procurement and financial policies, optimizing this cost has become a common concern among industrial managers and public sector policymakers. The present study aims to investigate the simultaneous role of raw material cost management practices, raw material inventory and consumption management, and the challenges of cost management in controlling and optimizing raw material costs in Iraqi industrial enterprises (both public and private units). This study is applied in terms of purpose and descriptive-correlational in terms of method. The statistical population consisted of financial managers, industrial accountants, production managers, and cost control experts of Iraq industrial companies, from whom 384 people were selected using a convenient sampling method. Data were collected using a researcher-made questionnaire and analyzed using SPSS software. The findings showed that there is a positive and significant relationship between raw material cost management methods and cost control (r=0.624), a positive and significant relationship between inventory management and cost control (r=0.591), and a negative and significant relationship between cost management challenges and cost control (r=-0.533) (P<0.01). The regression model of the study explained 52.4% of the variation in cost control and optimization (R²=0.524). Raw material cost management practices were the strongest predictor with a standard coefficient of 0.34, inventory management and raw material consumption were the second most influential factor with a coefficient of 0.29, and cost management challenges had a negative and significant effect with a coefficient of -0.22 (P<0.001). Also, the views of different job groups towards cost management and cost control practices were significantly different.