Planning and Development are interrelated. In a sense, one cannot be separated from the other. Planning is used as a tool to influence decisions about development priorities & resource allocation either for a country, a region, a province or an organization. More than last 60 years, development planning has transformed. Central planning and market-oriented planning is the character of most developing countries. Early development planning was led by the Soviet Union, which was the only country engaged in systematic development planning prior to World War II. Today, planning is no longer an issue between centralized planning and market-based planning. Modern history has shown that neither centralized planning nor market-oriented planning alone has succeeded. In the last six decades, development planning has shifted, moving to broader, more complex, multi-disciplinary perception. The government’s role today is in making a supporting atmosphere for market to work and correct market failures. As an independent country Bangladesh has been formulating five year plan since 1973. Since then Bangladesh has successfully formulated seven five year plan. The economy of this country has been able to maintain sustained economic growth even in the face of global financial crisis. Bangladesh was one of the forerunners in achieving Millennium Development Goals (MDGs) and also she is an early starter in the implementing process of Sustainable Development Goals (SDGs). Many international organizations and countries opined on the brilliant success of Bangladesh’s development. To keep these achievements the country needs good governance in all spheres of life.