In the context of shrinkage of time and space in 21st century, the Study of Religions has become a valuable tool for respect and peaceful coexistence. The myth of Religious superiority is no longer fashionable. Thus, there is now a general awareness that all Religions have a role to play in achieving World peace and sustainable progress. In this regard, the Study of Comparative Religion waxes strong. The diverse religious traditions practiced out there can no longer be suppressed or exterminated by the sword. The present work examines the intellectual status, values, and approaches in the Study of Comparative Religion. Using the methods of history and analysis, the work submits that in the thinking and activities of any people, one finds philosophy and religion at its root. The Study of Comparative Religion becomes the effort to project different religious traditions as worth studying, appreciating and respecting.