Abstract: Component Based Software development approach promises high quality, low budget software with shorter time to market. Reuse of the already existing software components (irrespective of their development or implementation platform) is the focal point of this approach. Component Based Software is different from traditional programs. Software development process models used for writing the traditional programs cannot be used for assembling the application using reusable software components. This study points out the differences in these two development paradigms and the inappropriateness of the traditional process models for developing component based software. A process model for this new approach should incorporate the activities to address the important aspects (such as component selection, customization and composition) required for building high quality component based software. The study investigates the component based software development process models in view of the prescribed international standards. It also presents a review of the current industrial practices as far as the software development process models are concerned.