The corporate social responsibility (CSR) is now not a matter of the developed countries only but it is getting increased attention in developing countries like Bangladesh also. A strong perception has developed in recent years among the business managers in Bangladesh that they need to manage their organizations in socially responsible way for economic viability and long term sustainability in the competitive marketplace. The paper aims to clearly understand the nature of CSR, investigate its evolution in Bangladesh, identifies the opportunities and challenges of CSR practices in our country, and also makes some recommendations to overcome those challenges and make the CSR practice a success. CSR practice helps the business to increase its corporate reputation and goodwill, enhancing firm’s and brand image, avoid governmental threat, social & community development, efficient human resources management etc. but faces the challenges of crisis of conceptualization, lack of community participation in CSR activities, problems of selecting partners, lack of trust on CSR, political pitfalls etc. Secondary data collection methods were used to conduct the study. From the study it is anticipated that there will be tremendous growth of CSR initiatives by many national and multinational companies in future.
