In this work, OpenMC code has been used for reactor physics calculations of the IAEA 10 MW MTR benchmark. To perform the burnup dependent studies i.e. Beginning of Life (BOL) and End of Life (EOL) calculations are carried out using OpenMC. The isotopic number densities have been generated using WIMS code and comparison of global core parameters has been performed. Along with the prevalent 9-isotope vector methodology, a set of 16-isotopes, based on their relative importance, have been employed in the whole core calculations and the corresponding computed values of integral parameters been compared. Comparison of effective core multiplication factor is made with studies performed by various organizations, employing different codes based on diffusion theory and Monte Carlo methodologies. The OpenMC predicted values of the multiplication factor and cell averaged thermal fluxes in central flux trap for HEU and LEU cores are found in good agreement with the corresponding published data.