IoT security represents a highly compelling subject of research at present. The absence of a viable security solution for IoT applications could render them ineffective across various domains such as healthcare, smart homes, inventory management, smart agriculture, and more. Within the IoT architecture, security services like Confidentiality, Integrity, and Authentication play pivotal roles. In our research, we have concentrated on the Authentication service, which is fundamental for distinguishing users and devices unequivocally within a network. Authentication serves as the initial and crucial step in establishing secure communications among diverse IoT devices and users within the network. A compromised Authentication service could open the door for unauthorized users or devices to infiltrate the network, potentially leading to harmful activities like Masquerade attacks, Man-in-the-Middle (MITM) attacks, and Replay attacks. Currently, Authentication stands as a widely adopted and essential method for granting access to devices within IoT networks. Our contribution involves the development of a Multi-factor IoT Authentication Model, leveraging two key parameters: Device Context Information and Dynamic Key-based authentication. Our proposed approach begins by verifying the origin of information. If the origin is deemed valid, our model proceeds to validate the identity of the device. In the event of an intruder attempting to manipulate the device's origin from its predefined context to an alternative location, our system can swiftly detect this deviation, thereby enabling the rejection of communication requests from compromised devices. Following the verification of context information, we initiate mutual authentication between the IoT device and the server, employing the Challenge-response model. As a result of this second step, individual Session keys are generated at both the device and server sides, facilitating secure communication within a specific time window. [ABSTRACT FROM AUTHOR]