Carvaka is the materialistic system of thought propounded by the ancient philosophers of India. The Carvaka system of philosophy has been much criticized and even ridiculed since the ancient times as the Carvakas have been dubbed as atheists and hedonists. This work is an attempt to reveal the fundamentals of Carvaka philosophy and its epistemological, metaphysical and ethical concerns. Beginning with the origin and development of Indian materialism, it addresses the controversial and disputed issues regarding Carvaka philosophy on the basis of a profound study of the original sources on the subject and by referring to modern researches on it. It highlights the contributions of the Carvakas in the furtherance of moral and philosophical thoughts and their uniqueness in many respects, such as the Carvaka School being the only one among ancient Indian philosophical schools to accept only one pramana -- perception. The Carvaka system is compared and contrasted with other systems of ancient Indian philosophy. The book is praiseworthy in its attempt to present its findings in a logical manner. The book will interest scholars and students of ancient Indian philosophy as well as general readers who are keen to understand ancient Indian philosophy.