Introduction: Due to the possibility of malignancy of thyroid nodules, it is necessary to identify the type of thyroid nodule to choose the most accurate treatment possible. Objectives: Considering that there is no standard diagnostic method for masses with intermediate suspicion of malignancy, the present study was conducted to investigate the diagnostic value of ultrasound in differentiating between benign and malignant thyroid masses compared with fine needle aspiration (FNA). Patients and Methods: In this cross-sectional study, 150 patients who had been referred to an endocrinologist’s office in Bandar Abbas with a complaint of thyroid mass in 2019-2020 and had undergone ultrasound and FNA were included in the study by census. After obtaining their informed consent, the patient’s information was collected by reviewing their ultrasound and FNA reports and analyzed with descriptive and analytical tests in SPSS software version 26. Results: The sensitivity and specificity of ultrasound in detecting malignant and benign masses were 56.25% and 85.07%, respectively. The positive and negative predictive values of ultrasound were 60% and 98.27%, respectively. The number of malignant FNA reports was significantly higher in the intermediate suspicion category of patients than in patients with ultrasound results showing high suspicion of malignancy. Conclusion: Performing further diagnostic measures such as FNA and core needle biopsy after noticing an intermediate suspicion in a patient’s ultrasound seems necessary.