Personality is the combination of characteristics or qualities that form an individual’s distinctive character. At present, personality degradation is a global serious problem. The entire social atmosphere looks to be charged with the ambitions of unethical, immoral and unspiritual nature. Today‘s modern formal system of education is producing only money making machines ignoring the development of virtuous qualities and resulting in the development of negative personality traits. It is said that education in India was started during Vedic period. This system was centered to give importance for the development of personality achieved through Gurukula system, a center which provides practices, natural and appropriate environment, lessons on right conduct and teaching based on life, character and ideals of great person. In Vedic education one’s personality was developed through self-realization and self-respect. The end goal was to build self-awareness. In the present study, we should summaries the theories of personality and their practical application for the development of one ‘personality.