The Agnipurāṇa presents a very informative discussion on the guṇas. The definition of kāvya given by the Purāṇa itself shows the importance of guṇa in the field of Sanskrit poetics. It considers guṇa as an element of poetry which confers great charm to it. The Purāṇa classifies guṇa into two varieties, viz., sāmānyaguṇa and vaiśeṣikaguṇa. Again, sāmānyaguṇa is divided into three varieties, viz., śabdaguṇa, arthaguṇa and ubhayaguṇa. It presents a very elaborate account of the guṇas by observing all the views of the earlier rhetoricians. It is worth mentioning here that the Purāṇa incorporates some different aspects of the guṇas which are cannot be traced in any work of early rhetoricians. In this paper an attempt has been made to present an analytical discussion on the guṇas as revealed in the Agnipurāṇa.