Aim: The aim of this study was to assess the prevalence of Internet addiction (IA) and its correlation with personality traits and perceived parenting styles in college-going students. Materials and Methods: The current cross-sectional study was done at a medical college in a semi-urban area near Pune. A total of 623 university students were included in the study with their consent. They completed a questionnaire assessing sociodemographic background and Internet usage pattern, Young's IA scale to assess IA, the Big Five Inventory for assessing personality traits, and Short-Form Egna Minnenav Barndoms Uppfostran (My Memories of Upbringing) scale for measuring perceived parenting styles. Results: The prevalence of IA in medical students was 56.81% (mild IA: 49.59%, moderate IA: 7.22%). Neuroticism showed a significant positive correlation with IA, whereas extroversion, openness to experience, agreeableness, and conscientiousness showed a significant negative correlation. In perceived parenting styles, rejection and overprotection had a significant positive relation and emotional warmth had a significant negative relation with IA. Conclusion: Neuroticism, rejection, and overprotection by parents were positively associated with IA. Personality traits of extroversion, openness to experience, agreeableness, conscientiousness, and emotional warmth by parents were negatively associated with IA.