The present invention includes a method and a system for creating Web Ontology Language (OWL) ontology from a Universal Business Language (UBL) process diagram. The UBL process diagram includes one or more processes, one or more partitions, one or more activities, one or more objects, an initial node, and a final node. At least one of the processes, the partitions, the activities, and the objects are extracted from the UBL process diagram. A first OWL class, a second OWL class, and a third OWL class are created corresponding to the processes, partitions, and objects, respectively. Thereafter, an object property is created corresponding to each of the activities, the initial node, and the final node. Finally, the first OWL class, the second OWL class, the third OWL class, and each of the created object property are added to obtain the OWL ontology.