The present study examines the perception of teachers and students of undergraduate colleges towards the implementation of Choice Based Credit System (CBCS) by investigating the significance of difference in the perception of teachers in relation to stream and students in relation to sex, streams and types of colleges. For this purpose near about 60 teachers and 120 students were selected through random sampling from 4 undergraduate colleges of Bargarh district affiliated to Sambalpur University, Odisha. The descriptive survey method was used by the researchers. The data were collected through five point perception scale developed by the researchers for teachers and students separately. For the analysis of the obtained data test was used. The result indicated that arts, science and commerce teachers did not differ significantly in their perception towards implementation of CBCS at undergraduate level. The science students differed significantly from the commerce and arts students in their perception towards the implementation of CBCS at undergraduate level. But arts and commerce students did not differ significantly in their perception. There was no significant difference in the perception of male and female students. The students of Government College differed significantly from the students of private college and government aided colleges in their perception towards the implementation of CBCS at under graduate level.