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Admission to the MBA program at Lovely Professional University necessitates candidates to hold a Bachelor's degree in a business-related field (such as commerce, management, economics, or accounting) with a minimum aggregate of 50%, or an equivalent qualification. Individuals from Sikkim, the Northeastern states, wards of Kashmiri migrants, and defense personnel along with their dependents are eligible for a 5% relaxation. The admissions process is determined by performance in the qualifying examination. The program is designed with the primary objectives of providing students with a rigorous, outcome-driven education to prepare them for global careers. It also aims to cultivate research and analytical decision-making skills, foster entrepreneurship and business acumen, instill social awareness, and maximize exposure to co-curricular and extracurricular activities for holistic development. Additionally, there is a strong emphasis on industry interface to provide insights into industry processes.

The program fee per semester for the academic course is set at 80,000. However, Lovely Professional University (LPU) offers various scholarships based on the LPUNEST score and the aggregate marks obtained in graduation. For those scoring equal to or above Category I cut-off in LPUNEST or achieving a remarkable 90% or more in graduation, a scholarship amount of 40,000 is awarded, thereby reducing the applicable fee to 40,000, which is 50% of the program fee. Similarly, for those meeting the criteria of Category II cut-off or securing an aggregate between 80% and 89.99% in graduation, a scholarship of 36,000 is provided, making the fee after scholarship 44,000, or 45% of the program fee. Those with a score equal to or above Category III cut-off or falling in the 70% to 79.99% range in graduation receive a scholarship amount of 32,000, leading to an applicable fee of 48,000, or 40% of the program fee. Additionally, an examination fee of 4,500 is charged per semester.