Abstract: Provided is a method and system for generating 3D model from a 2D image of an object. The method and system selects a parameterized base 3D model based on a category of the object. The parameterized base 3D model is representative of one or more parameters corresponding to the object, wherein one or more properties of the parameterized base 3D model change based on changing values associated with the one or more parameters. The method and system predicts, using a machine learning (ML) network, values corresponding to the one or more parameters of the object in the 2D image. The method and system generates a 3D model corresponding to the 2D image based on the predicted values corresponding to the one or more parameters fed to the parameterized base 3D model.