Philanthropy is regarded as a voluntary private virtue for public good. Terms like Gifting, charity, fundraising, contributions, generosity, donations, aid, bequests, offerings, handouts, patronage are sometimes synonymously or interchangeably used for philanthropy. There are public, private, corporate philanthropic foundations all over the world, that work in collaboration with NGOs and other governmental organisations towards social good. Despite economic challenges faced worldwide, global philanthropy is predicted to continue its growth. In the age of declining financial assistance for libraries, un-certain economic condition, budget cuts libraries are facing a lot of economic crunch. To preserve libraries, philanthropy is most crucial and essential. Most of general public do not have multi-million dollar fortunes to donate, but this does not mean that smaller donations have less impact than larger ones. Libraries depend on various forms of giving. This paper investigates philanthropy with special reference to libraries in India. © 2014 by IGI Global. All rights reserved.