The Iberian Basin was an intracratonic rift basin in central-eastern Spain developed since Early Permian times. The basin boundary faults were normal, listric faults controlling an asymmetric extension propagating northeast with time.Hercynian or older lineaments controlled the orientation of the Iberian Basin and extension was accommodated basically in the hanging wall block by the formation of secondary grabens and a central high. The basin was related with the coeval Ebro, Catalan and Cuenca-Mancha Basins and their connections are discussed.Subsidence curves show that the Early Permian-Early Jurassic period of extension can be subdivided into three rifting episodes and a flexural one. Extension factor increases from 1.17 in the northwest to 1.29 near the Mediterranean coast.The increasing extension rate was accommodated by transfer faults trending NNE-SSW, more important in the Levante area. The rift evolution is intermittent and seems to reflect distinct stress fields.The collapse of the late Hercynian orogen and related increased heat flux, extension and rifting is the most probable origin of the Iberian Basin and related basins. The origin of the Catalan and the Valencia-Prebetic Basins is related to the southwards migration of the Hesse-Burgundy Rift along the eastern margin of the Iberian Microplate.