In the era of Globalization no countries are rigid in their geographical, cultural, lingual and ethnic boundaries. Similarly, no literary genre is pure and isolated. Every country’s literary production is either combined or compared with that of the other. Hence, comparative literature provides a platform for studying the literatures of variant countries in comparison. In an era of Globalization, the borders of almost every nation are becoming fuzzy and slippery. Comparative Literature is discipline that has emerged recently which takes into account the literary production of two different countries and writers. The present paper attempts to trace the emergence and development of this discipline by evoking an array of literary figures of repute. Modern era is marked with Multiculturalism, Multilingualism and a borderless world. Therefore, the present paper attempts to theorize Comparative Literature in variant domains in as a special discipline that has emerged in the recent times due to the advent of Globalization.