Abstract: The present invention relates to a pure form of rapamycin with a total impurity content less than 1.2%; a process for recovery and purification of rapamycin comprising steps of (a) treating the fermentation broth, extracts or solutions containing rapamycin with water immiscible solvent and concentration; (b) addition of a water miscible solvent to effect separation of impurities present; (c) optionally, binding of the solvent containing the product from step (b) to an inert solid, washing the solid with a base and acid, followed by elution; (d) subjecting the elute from step (c) or the solvent containing the product from step (b) to silica gel chromatography; (e) crystallization of the product obtained from step (d); (f) subjecting a solution of the product from step (e) to hydrophobic interaction or reversed phase chromatography; and (g) re-crystallization to afford rapamycin in substantially pure form.