Mobile phones are the fastest information technology gadget ingrained in our life in the present century. Though primarily used as an object for connectedness and security, Mobile Phones are used by almost all sections of the society due to its affordability and marketing strategies by Mobile Phone companies. Mobile Phone technology usage has crossed all space and time boundaries and is redifining social space and relationships. The usage of Mobile Phones, especially by adolescents sometimes raises the doubt whether it has become an object of addiction. The Psychological impact of Mobile Phones needs to be understood, especially in Indian context, which is one of the biggest markets of Mobile Phone users. Though Psychological research community have accepted several other non substance addiction and have also recognized Internet as an object of addiction, where accessibility is very far low than Mobile Phones, it is high time that Mobile Phones and its Psychological addictive nature needs to be researched and understood. The present research aims at examining the various Psychological facets in understanding Mobile Phone addiction and has tried to develop a tool for the same.