Aim: This study aimed to evaluate the Ki–67 expression in leukoplakia (LPK) according to grades of epithelial dysplasia. Materials and Methods: Twenty samples of leukoplakia were selected from the archives of the institution and further divided into three groups: Group 1 (LPK with mild epithelial dysplasia),Group 2 (LPK with moderate epithelial dysplasia) and Group 3 (LPK with severe epithelial dysplasia). The slides stained with Ki–67 antigen were examined under light microscope at different magnifications. Results: A statistically significant (p<0.05) difference was noted when intensity of Ki–67 staining were compared between LPK with mild dysplasia (L1) and LPK with moderate dysplasia(L2) (p=0.049), L1 and leukoplakia with severe dysplasia(L3) (p=0.007) also between L2 and L3 (p=0.034). A statistically significant difference was noted when distribution of Ki–67 staining was compared between L1 and L2 (p=0.001) as well as between L1 and L3 (p=0.001), when L2 and L3 were compared, the difference was not statistically significant (p=0.74). A statistically significant difference was noted, when percentage of positive cells were compared between L1 and L2 (p=0.003) as well as between L1 and L3 (p=0.003), when L2 and L3 were compared, the difference was not statistically significant (p=0.070). A statistically significant difference was noted, when Ki–67 Labelling Index (LI) were compared between L1 and L2 (p=0.001) as well as between L1 and L3 (p=0.004), when L2 and L3 were compared, the difference was not statistically significant (p=0.079). Conclusion: The expression of Ki–67 antigen in LPK correlates well with the disease progression, it is a useful biomarker of malignant transformation in oral leukoplakia