Background: Alcohol consumption at young age can lead to various negative medical and social consequences for college students. There are various motivations for students to consume alcohol. Few studies have been done to find out the motivations of students who prefer to stay abstinent from alcohol. Understanding the motivations of drinking and abstinence would help designing various preventive therapeutic programs for alcohol abstinence. Objectives: The objectives of the study were as follows: (1) to find the most prominent motivations for alcohol consumption and abstinence in students, (2) to compare the motivations for alcohol consumption and abstinence according to gender, and (3) to compare the motivations of students who did not ever consume alcohol with students who are abstinent for 6 months. Methodology: This was a cross-sectional study. Second-year undergraduate students of medical, engineering, and fine arts colleges who consented for the study were asked to fill pro forma about the pattern of alcohol consumption revealing the details of only age and gender. Depending on response about the last consumption of alcohol, the students were asked to fill either four-factor motivational model questionnaire for those who had consumed alcohol in the past 6 months or motivation for abstaining from alcohol questionnaire for students who had never consumed alcohol or were completely abstinent for the past 6 months. Descriptive and inferential statistical analysis using two independent sample tests was used. Results: Out of total sample of 224 students from the 3 colleges, 80 students who reported to have consumed alcohol in the past 6 months filled the four-factor motivational model questionnaire. One hundred and forty-four students who did not ever consume alcohol or were abstinent from the past 6 months filled the motivation for abstaining from alcohol questionnaire. Social and enhancement motives were most common in students consuming alcohol. Male students had more enhancement motivation than females. Among motivations to stay abstinent, fear of negative consequences of alcohol, indifference, and family constraints were the most common motives. Male students had significant fear of negative consequences and family constraints than female students. Fear of negative consequences, dispositional risk, and family constraints were significant motivations in students having alcohol abstinence for 6 months than those students who had never consumed alcohol. Conclusion: Positive motivations for alcohol consumption are predominant in college students. Knowledge of adverse consequences and family constraints play an important role in deterring students from alcohol consumption.