Background: Polycarpaea corymbosa is one of the plants cited as ‘Parpata’ in Ayurvedic literature and indicated for boils, inflammatory swellings, and ulcers. Aim: The present study is an attempt to generate and encompass the data of physical parameters for ascertaining the identification and develop a validated HPTLC method for quantification of lupeol in P. corymbosa. Materials and Methods: The whole plant was studied for establishing pharmacognostic standards including macro and microscopical characters, physico-chemical analysis and quantification lupeol by HPTLC method. Results: It is a small, much branched, erect or spreading herb with linear leaf and silvery-white cymes. Microscopically root can be connoted by continuous or discontinuous concentric rings of xylem and phloem; stem by papillose epidermis with multicellular branched collapsed and glandular trichomes, sclerenchymatous pericycle and hollow pith; and leaf by numerous collateral meristele enclosed within parenchymatous bundle sheath. Further studies evinced that brunt of heavy metal and microbial load in plant material was within permissible limits. Flavonoids, phenolics and saponins were found be major components. HPTLC method was developed for quantification of lupeol using precoated silica gel plates as a stationary phase, and toluene: methanol (9.4: 0.6) as a mobile phase and scanning the plate at 545 nm. Conclusion: The information demonstrated on pharmacognostic parameters and validated HPTLC method for estimation of lupeol for Polycarpaea corymbosa, would aid as coherent measures for its assessment.