Conditional if statement for Matrix dropdown option
If I understand things correctly, you have a matrix block telephone, which contains a dropdown field telephone.icon, and you want the value of the selected dropdown option. That value is telephone.icon.value (which will be one of mobile, home, work, or other).

{% for telephone in user.profilePhone %}
  &lt;li&gt;
    {% if telephone.icon.value == 'mobile' %}
      &lt;i class="fa fa-fw fa-mobile"&gt;&lt;/i&gt;
    {% elseif telephone.icon.value == 'home' %}
      &lt;i class="fa fa-fw fa-home"&gt;&lt;/i&gt;
    {% else %}
      &lt;i class="fa fa-fw fa-phone"&gt;&lt;/i&gt;
    {% endif %}

    {% if telephone.country %}{{ telephone.country }}{% endif %}
    {{ telephone.number }}
  &lt;/li&gt;
{% endfor %}