In the recent past, especially in the last quarter of 20th century, there have been drastic changes which have taken place. People all over the world, started feeling the pinch of “rate of change” in emerging contemporary society. It has influenced all the aspects of human life. It also influenced the ancient conception of philosophy that it seeks to understand the mysteries of existence and reality. It was also influenced by present scientific development which raised philosophical speculations towards linguistic analysis, mental content and later on cognitive science studies. It is true that philosophy tries to discover the nature of truth and knowledge and to find what is of basic value and importance in life. It also examines the relationships between humanity and nature and between the individual and society. Philosophy arises out of wonder, curiosity, and the desire to know and understand. Philosophy is thus a form of inquiry--a process of analysis, criticism, interpretation, and speculation. It is contributing in the process of human development since ancient times. The process of human development begins with the conceptions and continues throughout life. It takes as many different courses as every human being develops in a unique way, embedded in the context of his or her environment. In the light of above assumptions, we are going to study the role of philosophy and values in public affairs and how philosophy shaping the human life with its continuous progress.