Background: Recently, in the year 2019, the National Medical Commission (NMC) made it mandatory to implement objectively structured practical examination (OSPE) for pre- and para-clinical subjects. The OSPE is an assessment tool used during practical examinations for undergraduate medical students studying in phase I and phase II. Objectives: To compare the performance of the students by using OPSE and conventional practical examination methods using the scores obtained and to explore the student’s perceptions and faculty perceptions of objectively structured practical examination as an assessment tool to be used during regular practical examinations. Materials and Methods: The present study included phase I MBBS students in batch 2023-24 ofthe National Institute of Medical Sciences and Research, Jaipur. A total of 212 phase I MBBS students participated in the study after providing informed consent. Students were assessed using both conventional practical examination and objectively structured practical examination. Conventional practical examination was performed for abnormal urine analysis. In OSPE, we had kept five stations, two of which were observer type and three of which were responsive type time allotted was three minutes at each station. At the observer station psychomotor skills were assessed and in responsive station the cognitive skills were assessed. Each student had to attend 4 stations one observer station and 3 responsive stations. Both assessments were performed using a standardized checklist and the scores were subsequently marked. The scores were recorded out of 20 points. The mean scores obtained by the students were compared using Student’s t test and a p value <0.05 was considered to indicate statistical significance. The student’s perceptions and faculty perceptions about both conventional practical examinations and OSPE were assessed using a validated questionnaire in the Google Form link sent to the students in the Watts app group. Results: The frequency of distribution of students as per the scores obtained out of twenty marks revealed that out of 212 students in CPE 67 (31.6%) students had scores less than 50% and 145 (68.39%) students had scores greater than 50%. In OSPE method 29 (13.67%) Students had scored less than 50% and 183 (86.3%) students had scores greater than 50%. The mean scores for CPE were10.655 ± 3.477 and those for OSPE were 12.091 ± 2.55, the mean scores obtained by students were significantly greater for OSPE than for CPE (p<0.001). The vast majority of the students enjoyed OSPE because of the lack of teacher bias, nonpartiality, uniformity, decreased time consumption and student-centred and student friendly nature. The majority of the faculty felt that OSPE was not time consuming, eliminated observer bias, and should be implemented on a regular basis during all types of assessments and that they should better assess practical skills; moreover, the majority of the faculty agreed that OPSE is a good learning method for students. Conclusion: The present study showed that, compared with those on the CPE, the majority of the students on the OPSE had a greater than 50%, and there were significant differences in the mean scores obtained on the OSPE compared with those obtained on the conventional practical examination. The OSPE is a better tool for assessing students during practical examinations; it should be used regularly in all types of assessments. and it can also be used for learning purposes. Student and faculty perceptions of OSPE as a better assessment tool and learning tool were highly positive.