In this paper, an analytical solution for steady creeping motion of viscoelastic drop falling through a viscous Newtonian fluid is presented. The Oldroyd-B model is used as the constitutive equation. The analytical solutions for both interior and exterior flows are obtained using the perturbation method. Deborah number and capillary numbers are considered as the perturbation parameters. The effect of viscoelastic properties on drop shape and motion are studied in detail. The previous empirical studies indicated that unlike the Newtonian creeping drop in which the drop shape is exactly spherical, a dimpled shape appears in viscoelastic drops. It is shown that the results of the present analytical solution in estimating the terminal velocity and drop shape have a more agreement with experimental results than the other previous analytical investigations.