The Pancaratra school has an important place exerting its great influence on the culture, philosophy and religion of India. It has a very ancient origin shrouded in mystery. The scholars have not given the same attention to the Agama literature as they have done as regards the Vedic literature. Whatever notice has been taken of the Pancaratra literature by some eminent scholars both in the east and in the west, is not adequate. It is generally supposed that the Pancaratra teaching is more inclined towards Ramanujacarya's Vigistadvaita than to Sankaratarya's Advaita. It is the main contention of the present author in this study that it is a superficial understanding of the Pancaratra that has led to this misconception. He is of the firm opinion that in spite of some of the doctrines which are suggestive of the Vigistadvaita Philosophy, there is an overwhelming evidence in the texts which convincingly indicates the basic advaitic position of the Pancaratra school.