We propose a mechanism for the natural inflation with and without modulation in the framework of type IIB string theory on toroidal orientifold or orbifold. We explicitly construct the stabilization potential of complex structure, dilaton and Kahler moduli, where one of the imaginary component of complex structure moduli becomes light which is identified as the inflaton. The inflaton potential is generated by the gaugino-condensation term which receives the one-loop threshold corrections determined by the field value of complex structure moduli and the axion decay constant of inflaton is enhanced by the inverse of one-loop factor. We also find the threshold corrections can also induce the modulations to the original scalar potential for the natural inflation. Depending on these modulations, we can predict several sizes of tensor-to-scalar ratio as well as the other cosmological observables reported by WMAP, Planck and/or BICEP2 collaborations.
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