This paper examines the relationship between corporate governance and firm performance in the Indian context. The study includes the corporate governance variables which are ownership structure and board variable and return on assets (ROA), return on equity (ROE), market to book value (MB) and natural log of earning per share (LOGEPS) as measure of firm performance. The study used the panel data of 119 Indian companies from year 2008 to 2014. Panel data regression analysis is used to examine the relationship between corporate governance and firm performance. The study found a positive relationship for ownership structure variables and negative relationship for board variables with firm performance.