Classification is the basis of knowledge organization. Ontology, a comparatively new concept used as a tool for knowledge organization, establishes connections between terms and concepts enhancing the scope and usefulness of library classification. Ranganathan had invented the strong theory of the analytico-synthetic method in classification and devised Colon Classification. In this study a domain ontology on library and information science has been developed by implementing Raganathan’s faceted approach of classification. The hierarchical relationships among terms have been established primarily keeping conformity with that of Ranganathan’s Colon Classification (7th edition). But to accommodate new vocabularies, DDC 23rd edition and UDC St...