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Project Management is a complex issue and it depends on multi factors. It changes case by case nature, situations, conditions etc. The management process of a project or a program or a portfolio of different nature may be different, but there are some guiding principles that always should be followed. Project Management depends on locality, skills of project personnel, availability of resources, stakeholder's interest etc. Sustainable development is an integral part of project management. Project sustainability is desired by all. Corporate sustainability initiatives performed by many organizations can be viewed as only paying lip service. Often, philanthropic activities are provided in order to do "good" for society. Seriously considering sustainable development (SD) principles means integrating these principles into services, products, and processes. Although SD is sometimes considered a fad, here SD is perceived as a new management paradigm, which aids in coping with the complexity and dynamics of organizations. SD as a new management paradigm is also of relevance for temporary organizations (i.e., for projects and programs). The SD principles, namely economic, ecologic, and social-oriented; short-term, mid-term, and long-term-oriented; local, regional, and global-oriented; as well as values-based, can be considered in the project initiation process and in the project management process in order to improve the quality of these processes, and by this, indirectly the quality of the project results. The mission of the Bangladesh is to ensure sustained economic growth, environmental protection and social justice which implies improvement of livelihood options of the people, reduction of poverty; ensuring wise use of natural resources, good governance and people's participation. Bangladesh is especially vulnerable to climatic risks due to its "combination of frequent natural disasters, high population density, poor infrastructure and low resilience to economic shocks". For sustainable development, to fight against many natural disasters, governments as well as many national and international Non-Government Organizations (NGOs) take initiatives to launch many projects every year. Immediately after liberation, the major portion of the industries was nationalized and brought under the direct management of the government. Since inception government of Bangladesh felt an urgent need for a planned and rapid development in an attempt to solve economic and social problems. Consequently, the public sector investments have been playing a dominating role in the economic development of the country. Although, political changes in the mid-seventies brought about changes in favor of private sector, the role of public sector development until now remains dominant. Project Management in a Sustainable way is a great challenge for any public sector development works. In this research work emphasizes is given on public funded project. Some recommendation has been made examining existing project management process. Sustainability issues have been analyzed to integrate in project management processes. This study aims to study planning and managing process of development projects in a Sustainable way in Bangladesh. It unravels the institutional inadequacies and challenges in planning and managing procedure. Different public organizations are continually seeking ways to make projects successfully implemented effectively and efficiently. Successful implementation of project is vital for socio-economic development of the developing countries like Bangladesh. From project planning to implementation, Bangladesh, as a developing country, faces very serious problems. The study may facilitate the Government, different public organization, the political leaders, civil society, private organization, donor agencies etc. regarding future policy issues in planning and managing development projects.