Background Since employing talent management as a system to identify, recruit, train, promote, and retain talented faculty members to optimize the capabilities of the university to achieve goals seems necessary, the current study aimed to identify the talent management components of faculty members. Methods This qualitative study was conducted on the directors and faculty members of Isfahan University, Isfahan University of Medical Sciences, and Isfahan University of Technology, Iran. A purposive sampling method was used and semi-structured interviews conducted to collect data. All interviews were recorded, transcribed, and transferred to a computer using MAXQDA software. Following this, the data were coded, categorized, and interpreted, and then analyzed using a content analysis method. Results After interviewing 18 university directors and faculty members, data pooling, data saturation, and data replication were performed. Accordingly, 107 codes were extracted from the obtained data and categorized into seven major classes. These were Defining and identifying talent needs, discovering talent sources, Attracting talents, Developing the potential abilities of talents, Strategically deploying talents, Retaining talents, and evaluation and alignment of talent management activities. Conclusions Based on the results, 7 main classes and 20 subclasses of talent management components of faculty members were identified. These components are provided in a conceptual model. The evaluation and alignment of talent management activities are the main factors supporting talent management. Furthermore, dynamic coherence and integrity in identifying, discovering, attracting, developing, retaining, and effectively using talent, and the alignment of such features with the general strategy of the university were considered the strengths of the suggested conceptual model.