Material and Financial Management is an essential part of the economic and non economic activities which leads to decide the efficient procurement and utilization of finance in profitable manner. In the olden days the subject Material and Financial Management was a part of accountancy with the traditional approaches. Now a days it has been enlarged with innovative and multi dimensional functions in the field of business with the effect of industrialization, Material and Financial Management has become a vital part of the business concern and they are concentrating more in the field of Material and Financial Management. Material and Financial Management also developed as corporate finance, business finance, financial economics, Material and financial mathematics and financial engineering. Understanding the basic concept about the Material and financial management becomes an essential part for the students of economics, commerce and management.