In the current economic environment, taking care of the psychological contract has become very important and is considered as the company’s most valuable resource. The psychological contract includes strong agreements between company and its employees, beyond the written contract, postulating their contributions, expectations, beliefs, promises, and obligations between both parties. The primary objective of the study undertaken is to explore and gain insight into the relationship between the psychological contract and job satisfaction. The mode of data collection utilized for the study is sampling. The participants in the survey are 156 employees engaged in private service organization. After the study, we conclude that job satisfaction is affected by psychological contract. Some of the suggestions based on the analysis and in-depth study is also presented in the research work.