Celebrity endorsements have been established as one of the most popular tools of advertising in recent times. It has become a trend and is perceived as a winning formula for product marketing and brand building. It is easy to choose a celebrity, but it is tough to establish a strong association between the product and the endorser. While the magnitude of the impact of celebrity endorsement on brands remains under the purview of gray spectacles, this paper is an effort to analyze the impact of celebrity endorsements on brands. The objective of this paper is to examine the relationship between celebrity endorsements and brands, and eventually, its impact on consumers buying behavior as well as their brand preferences. The paper also proposes a 20 point model which can be used as a blue-print criterion and can be used by brand managers for selecting celebrities and capitalizing the celebrity resource through 360 degree brand communication, which is regarded as the foundation of the impact of celebrity endorsements. Keyword : Celebrity Endorsement, Celebrity Credibility, Controversy Risk, Brand Personality, Brand Image.