Central and Peripheral giant cell granulomas of jaws are uncommon benign reactive disorders and characterized by the presence of numerous multinucleated giant cells & mononuclear cells within a stroma. The origin of the multinucleated giant cells is controversial; probably originating from fusion of histiocytes, endothelial cells and fibroblasts. The main objective of this book is to assess the expression of CD34 and CD68 in Central and peripheral giant cell granuloma also understand the origin of multinucleated giant cells. The following results were obtained Immunopositivity for CD34 was seen only in cytoplasm of endothelial cells of blood vessels whereas consistent cytoplasmic immunopositivity for CD68 was seen in the and few stromal cells. Statistical significance was seen in mean number of multinucleated giant cells, mean number of nuclei in multinucleated 2 giant cells, CD68 expression and ratio of macrophages to multinucleated giant cells among two lesions.