Punjab’s education budget, over the last 42 years (1980–2022), was less than the recommended norms and requirements and, hence, inadequate. It also experienced slower growth in per capita and real terms, and negligible share of spending on capital account, with critical imbalances and rigidities. The fundamental approach towards resource allocation to education sector, across the tenures of both of the political parties—the Congress and Shiromani Akali Dal—did not show any significant difference. The article closely examines the education budget over four decades and highlights some of its implications.