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In the past few decades industrialization, urbanization, modernization, globalization and the rapid growth of information technology have produced myriad challenges. They have made a powerful impact on different segments of societies everywhere. It has been argued that any development resulting from globalization should be seen not merely as economic development, but also in terms of how it influences the relationships within the family as well as all other social and cultural aspects of life in a society. The problem posed to global society today ranges from survival to sustainable development and peace. This paper aims to study the impact of globalization on Indian family. It can be viewed in two ways. One may argue that in the era of economic restructuring through World Bank, WTO and IMF led policies of liberalization, privatization and globalization the family is emerging as a much stronger institution than ever before. The alternative point of view is that as a result of globalization, the institution of family is becoming progressively weaker as individualism grows. The rapid increase in the mobility of younger generation as they search for new employment and educational opportunities weakens the family structure. Functionally, distance renders it impractical for the members of a unit to come together as often as earlier. This affects the earlier idealized notion of the 'family' as the caring and the nurturing unit for children, the sick and elderly. The growing costs of education and health services and the new job opportunities opened up for the women outside the house once again brought the role of 'family' into question. In India, men, women and children, irrespective of caste, creed, religion and class, look to the family for assistance during troubled times, when they are sick or need some rest. Under the economic conditions fostered by liberalized markets, the socio-cultural relationships within the family are also undergoing a dramatic change.