Maitreyayvarakarana is a very short text, written on palm leaf in the mixed character of Kutila and Ranjana script, a manuscript of the Pala period (at the time of Gopaladeva, 57th regna; year, approx. 10th century A.D.) is in the possession of the Asiatic Society, Kolkata. It is believed, Maitreya, the future prophet will eventually appear on earth as enlightened Buddha and teach the pure dharma. The text was written in a period when Buddhist literature faced a transition from the Sthaviravada to Mahayana school. Vyakarana in Buddhist sanskrit signifies a particular type of composition about the prophesy or prediction of the future Buddhas, as found in Navanga division of Buddhavacana. As per Mahayanic conception Vyakarana signifies a special type of Avadana-Literature relating to future Buddhahood of a being or deity or a chief disciple in a particular world. As a text is a source of ecclesiastic and iconographic inspiration to people popular throughout the Buddhist world.