Abstract: The Prabodhacandrodayam of Çrékåñëamiçra is a Sanskrit allegorical drama in six acts. The dramatist draws a picture of conflict between virtue and vice through some symbolic characters in the drama. Abstract human qualities are depicted here as living characters. Viveka, the hero of the drama, was found to engage himself in destroying foes like Mahämoha for a noble cause i.e. liberating the Supreme Being from bondage. The conflict between Viveka and Mahämoha occurs due to the arrest of Puruña or the Supreme Being by the followers of Mahämoha. The dramatist makes an attempt to synthesize Advaita Vedänta with the doctrine of Viñëubhakti intelligently. The drama presents the views relating to orthodox and heterodox system of Indian philosophy. The dramatist presents in the 3rd act of his drama the important doctrines of Buddhism through the characters of Buddhist Monk and Ahaàkära. The Digambara monk in the 3rd act represents Jaina views, while the Cärvaka philosophy is presented in the 2nd act of the drama. The paper deals at length the philosophical views of the Cärväka and Jaina system of Indian philosophy as reflected in the drama Prabodhacandrodayam of Çrékåñëamiçra.