A theory of truth is an explanation of the nature of truth and set of rules that true things obey. A theory of truth is basically an attempt to enlighten on the nature of truth and formulate a set of laws that ‘true’ things follow. When we recall a memory, or analyze a statement, or appeal to evaluate within our brain, in fact, we are in quest for truth. Different theories of truth try to understand it from different perspectives. Attempts to analyze truth down the history can neatly be divided into two: Classical and Contemporary theories. The classical or otherwise known as the traditional theories of truth are, Correspondence theory, Coherence theory, Pragmatic theory. Contemporary theories or otherwise known as modern theories of truth are mostly deflationary theories. Over and above these two categories we shall discuss a new theory of truth known as Functional theory of truth. When we analyze contemporary theories of truth, such as functionalist theory of truth, specifically alethic pluralism which commits the problem of mixed compound and also suggest the solution for the same.