Folktales occupy a very important place in oral tradition of a community. Folktales can be defined as the stories or tales that came out from the ways of living and imagination of the people which are handed down orally from one generation to another. Such tales are known as “Phungga Wari” by the Meiteis. In earlier days these tales play a very important role in imparting education to the younger generation. Folktales are also known as Chakngai Wari since the tales were narrated to the children when they were waiting for their meals at night. Varieties of folktales are found in Meitei society in which they can be clubbed into different category based on the messages conveyed or the nature of the tales. The main aim of these tales is to give certain sort of message to people. In addition to this, they also reflected the cultural values, beliefs, past and present customs and traditions of the community. The custom of narrating folktales by the grandparents to their children has been declining under the influence of modernisation. Such tales can be inculcated during socialization process or through text books and media.