State of the art Acoustic Models (AM), which are trained using data from one environment, may fail to adapt to another environment, and as a result, application is restricted. The disclosure herein generally relates to speech signal processing, and, more particularly, to a method and system for Automatic Speech Recognition (ASR) using Multi-task Learned Embeddings (MTL). In this approach, MTL embeddings are extracted from an MTL neural network that has been trained using feature vectors from a plurality of speech files. The MTL embeddings are then used for generating an acoustic model, which maybe then used for the purpose of Automatic Speech Recognition, along with the feature vectors and the MTL embeddings.