Preparations:

Create a document of size 750×550 pixels.

Fill the background with a vertical gradient where the foreground color is #525659 and background color is #1C252E.

Step 1 – Drawing the Base:

Create a new layer and name it as base. Select the Rounded Rectangle tool and set its radius to 22 pixels. Draw a rounded rectangle like the one shown in the diagram. Fill the shape with any color.

Right-click on the layer and select Blending Options > Gradient Overlay. Set the color on the left to #8F9498 and right to #000000. Follow the rest of the settings as stated.

Step 2 – Drawing Highlights:

Create another layer and name it as highlights.

Using the Rounded Rectangle tool, set its radius to 20 pixels and draw a slightly smaller rounded rectangle than the base.

Fill this shape with #FFFFFF.

Step 3 – Drawing the Border:

Duplicate the highlights layer and name this new layer as border.

Go to Edit > Free Transform to scale the shape smaller vertically than the shape in highlights layer.

Right-click on this layer and select Blending Options > Color Overlay. Set the color to #1F2326.

Step 4 – Highlight the Border:

Create a new layer on top of border and name it as bhighlights.

While you are on bhighlights layer, Ctrl+click on border layer to load selection. Go to Select > Modify > Contract with 3px. Then Select > Modify > Feather with 2px.

Fill this selection with #FFFFFF.

Step 5 – Drawing the Surface:

Create a new layer and name it as surface.

Use the Rounded Rectangle tool with radius 18px, draw a rounded rectangle that is around 8px smaller than the base.

Fill the shape with a gradient where the foreground is #2D3037 and background is #000000.

Step 6 – Drawing the Speaker:

Create a new layer and name it as speaker.

Use the Rounded Rectangle tool with radius 2px, draw a small rounded rectangle that is around 25px from top of the base.

Fill the top half of shape with #000000 and bottom half with #828384.

Step 7 – Drawing the Screen:

Create a new layer and name it as screen.

Use the Rounded Rectangle tool with radius 2px, draw a rounded rectangle at the center of the surface like the one shown in the diagram.

Select the Brush tool and set the size to 2px and color to #666666. Select the Pen tool and right-click on the rounded rectangle path then select Stroke Path.

Step 8 – Drawing the Button:

Create a new layer and name it as button.

Use the Ellipse tool and draw a circle near the bottom of the surface like the one shown in the diagram.

Change your foreground color to #333333. Select the Pen tool and right-click on the circular path then select Stroke Path.

Step 9 – Drawing the Icon:

Create a new layer and name it as icon. Use the Rounded Rectangle tool with radius 2px, draw a small square at the center of the button. Select the Pen tool and right-click on the square path then select Stroke Path.

Ctrl-click on the button layer to load the button selection. While on the icon layer, use Brush tool with color #666666 and opacity 40%, paint in the highlight at the bottom of the button.

Step 10 – Adding Reflection:

Duplicate all the layers you’ve created so far. Merge all these layers.

Go to Edit > Transform > Flip Vertical. Align it to the bottom of phone base.

Use a Soft Eraser tool of 100px and opacity 60%, fade the reflected image outwards and you’re done!

Optional:

Now it’s time to add in your favorite iPhone wallpaper. Have fun there! Click here to view the final image.