The focus of this book is to understand the concepts of probability theory and stochastic processes and the techniques are exposed to analyze the situations arise from time to time in the academic and advanced fields of Science and Technology. It aims at acquainting the reader with the mainstream of present day of thinking. This book is useful for students at both the undergraduate and the post graduate levels. This book covers the major parts of the syllabi of maximum number of universities in India and also useful for competitive examinations. Probability Theory and Stochastic Processes offers students and instructors thorough coverage of syllabus backed by solid theory and proper applications. The structure of the textbook encourages and supports completion of an in-depth study.