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PSM is used for identification and understanding of the hazards involved in a process and then takes proper control to reduce the hazards so that process related injuries and accidents could be prevented. In this paper, elements of PSM , phases of PSM implementation along with guidelines for implementation of the elements of process safety management (PSM) such as management of change (MOC), process hazard analysis, incident investigation, emergency planning and response are presented. The PSM implementation issues related to hierarchy of the system, human behaviors, team formation, repetition of work and hazard analysis techniques is investigated. It is found that haphazard implementation hierarchy and slow change in people behavior makes it difficult to implement Process Safety Management. The comprehensive model describing different teams along with their role and responsibility for implementing PSM and carrying out PHA is also developed. There are many issues linked with implementation of process hazard analysis like plant modifications, shut downs and production losses as well as the behaviour of the design engineer whenever modifications are required. Consequence analysis, an evaluation of an incident interms of its effects on environment, equipment and people is of great help. Incident reporting for a company can be improved by ensuring confidentiality and not exposing the reporting person. Improvement in the operating procedures and preserving mechanical integrity of the process plant are necessary conditions for the implementation of the standards. Internal and external audits of the company are the most important part of the PSM implementation. In general the PSM implementation requires much effort and time but pays off well if implemented fully.