Indian Educational system is the most ancient Educational systems in the world. Vedic,Postvedic and Buddhist periods had sound Educational policies , methods of learning , teaching ,evaluation and accreditation, syllabi and curricula, to suit every wake of life. Sanskrit enjoyed the status of common Educational language to unify the nation from Himalaya to Kanyakumari . But regional languages were not neglected. They flourished and translations of Sanskrit works into regional languages was done. Kerala, and the west coast of India in general , had the most ancient University of Valabhi which gave the title "Vallabha" , Sreevallabha, Sakalakalaavallabha etc to its scholars. The Valabhi University was existent from Prevedic and Vedic times and during the Budhist period , two scholars (Nandins) from Valabhi University established Nalanda University and from that time onwards the Vallabha kings became chancellors and vice chancellors of both these Universities. The Vallabhas declined when Vice chancellorship of Nalanda went to Bengal kings and subsequently when Cholas destroyed the Sreevallabha power of Kerala, Karnataka and Srilanka ( as described in the Manimangalam sasana of the Chola kings). The story of the educational system of India under Valabhi University in Vedic and Budhist period , its peculiarities, merits and demerits, the long family tree of the chancellors of Valabhi right from time of Parasurama upto the present Marthandavarma Uthradam Thirunal of Venad (Thiruvithamkoor Raajavansa) are explored in this work. It also throws light into the practices of the ancient Indians which might be analysed and made use of for National Integration and Global citizenship for world peace and a better Eduational system based on Values and cultural Integration.