Classification is the basis of knowledge organization. Ontology, a comparatively new concept used as a tool for knowledge organization, establishes connections between terms and concepts enhancing the scope and usefulness of library classification. Ranganathan had invented the strong theory of the analytico-synthetic method in classification and devised Colon Classification. In this study a domain ontology on library and information science has been developed by implementing Raganathan’s faceted approach of classification. The hierarchical relationships among terms have been established primarily keeping conformity with that of Ranganathan’s Colon Classification (7th edition). But to accommodate new vocabularies, DDC 23rd edition and UDC Standard edition are consulted. The Protégé ontology editor has been used. The study carefully examines the steps in which the analytico-synthetic method have been followed. Ranganathan’s Canon of Characteristics and its relevant Canons have been followed for defining the class-subclass hierarchy. It concludes by identifying the drawbacks as well as the merits faced while developing the ontology. This paper proves the relevance and importance of Ranganathan’s philosophy in developing ontology based knowledge organization. © 2015, National Institute of Science Communication and Information Resources (NISCAIR). All rights reserved.