In this thesis, theoretical and computer simulation studies of vibrational phase relaxation in various molecular liquids are presented. That includes liquid nitrogen, both along the coexistence line and the critical isochore, binary liquid mixture and liquid water. The focus of the thesis is to understand the dependence of the vibrational relaxation on the density, temperature, composition and the role of different interactions among the molecules. The density fluctuation of the solute particles in a solvent is studied systematically, where the computer simulation results are compared with the mode coupling theory (MCT). The classical density functional theory (DFT) is used to study the vibrational relaxation dynamics in molecular liquids with an aim to understand the heterogeneous nature of the dynamics commonly observed in experiments. Chapter 1 contains a brief overview of the earlier relevant theories, their successes and shortcomings in the light of the problems discussed in this thesis. This chapter discusses mainly the basic features of the vibrational dynamics of molecular liquids and portrays some of the theoretical frameworks and formalisms which are widely recognized to have contributed to our present understanding. Vibrational dephasing of nitrogen molecules is known to show highly interesting anomalies near its gas–liquid critical point. In Chapter 2, we present the results of extensive computer simulation studies and theoretical analysis of the vibrational phase relaxation of nitrogen molecules both along the critical isochore and the gas–liquid coexistence line. The simulation includes the different contributions (density (ρ), vibration–rotation (VR), and resonant transfer (Rs)) and their cross–correlations. Following Everitt and Skinner, we have included the vibrational coordinate (q) dependence of the inter–atomic potential, which is found to have an important contribution. The simulated results are in good agreement with the experiments. The linewidth (directly proportional to the rate of the vibrational phase relaxation) is found to have a lambda shaped temperature dependence near the critical point. As observed in the experimental studies, the calculated lineshape becomes Gaussian–like as the critical temperature (Tc) is approached while being Lorentzian–like at the temperatures away from Tc. Both the present simulation and a mode coupling theory (MCT) analysis show that the slow decay of the enhanced density fluctuations near the critical point (CP), probed at the sub–picosecond timescales by the vibrational frequency modulation, and an enhanced vibration–rotation coupling, are the main causes of the observed anomalies. Dephasing time (тv) and the root mean square frequency fluctuation (Δ) in the supercritical region are calculated. The principal results are: 1. a crossover from a Lorentzian–like to a Gaussian–like lineshape is observed as the critical point is approached along the critical isochore, 2. the root mean square frequency fluctuation shows a non–monotonic dependence on the temperature along the critical isochore, 3. the temperature dependent linewidth shows a divergence–like (λ–shaped) behavior along the coexistence line and the critical isochore. It is found that the linewidth calculated from the time integral of the normal coordinate time correlation function (CQ(t)) is in good agreement with the known experimental results. The origin of the anomalous temperature dependence of linewidth can be traced to simultaneous effects of several factors, (i) the enhancement of the negative cross–correlations of ρ with VR and Rs and (ii) the large density fluctuations as the critical point (CP) is approached. Due to the negative cross–correlations of ρ with VR and Rs the total decay becomes faster (correlation times are in the femtosecond scale). The reason for the negative cross–correlation between ρ and VR is explored in detail. A mode coupling theory (MCT) analysis shows a slow decay of the enhanced density fluctuations near the critical point. The MCT analysis demonstrates that the large enhancement of VR–coupling near CP may arise from a non–Gaussian behavior of the equilibrium density fluctuations. This enters through a non–zero value of the triplet direct correlation function. Many of the complex systems found in nature and used routinely in industry are multi–component systems. In particular, binary mixtures are highly non–ideal and play an important role in the industry. The dynamic properties are strongly influenced by composition fluctuations which are absent in the one component liquids. In Chapter 3, isothermal–isobaric (NPT) ensemble molecular dynamics simulation studies of vibrational phase relaxation (VPR) in a model system are presented. The model considers strong attractive interaction between the dissimilar species to prevent phase separation. The model reproduces the experimentally observed non–monotonic, nearly symmetric, composition dependence of the dephasing rate. In addition, several other experimentally observed features, such as the maximum of the frequency modulation correlation time (т c) at a mole fraction near 0.5 and the maximum rate enhancement by a factor of about 3 above the pure component value, are also reproduced. The product of the mean square frequency modulation ((Δω2(0))) with тc indicates that the present model is in the intermediate regime of the inhomogeneous broadening. The non–monotonic composition (χ) dependence of тv is found to be primarily due to the non–monotonic χ dependence of тc, rather than due to a similar dependence in the amplitude of (Δω2(0)). The probability distribution of Δω shows a markedly non–Gaussian behavior at intermediate composition (χ - 0.5). We have also calculated the composition dependence of the viscosity (η∗) in order to explore the correlation between the viscosity with that of тv and тc. It is found that both the correlation times essentially follow the nature of the composition dependence of the viscosity. A mode coupling theory (MCT) analysis is presented to include the effects of the composition fluctuations in binary mixture. Water is an interesting and attractive object for research, not only because of its great importance in life processes but also due to its unusual and intriguing properties. Most of the anomalous properties of water are related to the presence of a three–dimensional network of hydrogen bonds, which is constantly changing at ultrafast, sub–picosecond timescales. Vibrational spectroscopy provides the means to study the dynamics of processes involving only certain chemical bonds. The dynamics of hydrogen bonding can be probed via its reflection on molecular vibrations, e.g., the stretching vibrational mode of the O–H bond. Recently developed femtosecond infrared vibrational spectroscopy has proved to be valuable to study water dynamics because of its unique temporal resolution. Recent studies have shown that the vibrational relaxation of the O–H stretch of HDO occurs at an extremely fast timescale with time constant being less than 100 femtosecond. Here, in Chapter 4, we investigate the origin of this ultrafast vibrational dephasing using computer simulation and appropriate theoretical analysis. In addition to the usual fast vibrational dynamics due to the hydrogen bonding excitations, we find two additional reasons: (a) the large amplitude of angular jumps of the water molecules (with 30–40 fs time intervals) provide large contribution to the mean square vibrational frequency and (b) the projected force along the O–H bond due to the solvent molecules, on the oxygen (FO(t)) and hydrogen (FH (t)) atoms of the O–H bond exhibit a large negative cross–correlation (NCC) between FO(t) and FH (t). This NCC is shown to be partly responsible for a weak, non–Arrhenius temperature dependence of the relaxation rate. In the concluding note, Chapter 5 starts with a brief summary of the outcome of this thesis and ends up with suggestions of a few relevant problems that may prove worthwhile to be addressed in the future.