The main purpose of the study is to identify whether conservatism bias affects the relationship between personality traits and investment management. Questionnaire survey was conducted and the respondents were divided into two groups namely stock market investors and graduate students with major in finance. The sample size was 116 and it was found conservatism bias has significant impact in the relationship of openness to experience and long term investment intentions. There was not found any moderating role of conservatism bias in all other four personality traits and investment management. This is the perhaps first study that investigates the moderating role of conservatism bias in personality traits and investment management. Implications of these findings are discussed. This study will be beneficial for all type of investors to make their decisions unbiased and for academic researchers as well for further research.