Since the mid-20^th century, economists have noted the achievements of psychology and explicated the criticism of the basic assumption of rational man in neoclassicism and Keynesianism as new alternatives to explain economic phenomena on the verge of the third millennium. Behavioral economics combines economics and psychology and deals with the causes of limitations and complexities of economic factors. In behavioral economics, the assumptions of totally rational economics are discarded and human limitations and deviations from rational decisions are dealt with. One of the issues discussed in behavioral economics is behavioral biases. Using the analytical-deductive method and referring to the Quran, this present study attempts to look into behavioral biases from an economic perspective. Noting the substantial difference in the origin of the behavioral biases plan in conventional economics and the Quran, this study further discusses some economic implications of behavioral and cognitive biases in the Quran.