A system and method for classifying the phonocardiogram (PCG) signal quality has been described. The system is configured to identify the quality of the PCG signal recording and accepting only diagnosable quality recordings for further cardiac analysis. The system includes the derivation of plurality features of the PCG signal from the training dataset. The extracted features are preprocessed and are then ranked using mRMR algorithm. Based on the ranking the irrelevant and redundant features are rejected if their mRMR strength is less. A training model is generated using the relevant set of features. The PCG signal of the person under test is captured using a digital stethoscope and a smartphone. The PCG signal is preprocessed and only the relevant set of features are extracted. And finally the PCG signal is classified into diagnosable or non-diagnosable using the relevant set of features and a random forest classifier.