Every organizations, either profit or non-profit making, use some kind of Management Control Systems (MCS). The success or failure of every modern organization largely depends upon the fact that how effectively it has adopted and applied MCS. Hence, MCSs are an integral part of every organization. In the context of globalization movement and government's liberalization policies, Nepalese organizations have to be equally competitive not only to grow but to survive at the first place. In this context, an attempt has been made by the researcher to find out how far Nepalese Commercial Banks have applied management control system (MCS) mechanisms i.e. Balance Scorecard (BSC), Activity Based Costing (ABC), Shareholder Value Analysis (SVA) and Continuous Improvement Process (CIP) and if yes whether MCS has affected their financial (i.e. return on capital employed, return on total assets, return on net-worth and economic value added) & non-financial performance (i.e. personnel control, operational control, employee satisfaction and customer satisfaction) or not.