A method, system, and computer usable program product for classification and policy management for software components are provided in the illustrative embodiments. A metadata associated with an application or component is identified. A mapping determination is made whether the metadata maps to a classification in a set of classifications. A policy that is applicable to the classification is identified and associated with the classification. If the mapping determination is deterministic, the component is assigned to the classification and the policy associated with the classification is associated with the component. If the mapping determination is not deterministic, a user intervention may be necessary, the component may be classified in a default classification, or both. Because of the policy being associated with the classification, associating the policy with the component may occur based on the metadata of the application or component and its resultant classification.