Current study attempts to explore the short run and long run relationship among the macroeconomic variables and income inequality by employing the annual data of five decades of Pakistan. Three econometric models have been developed; first model explores the impact of fiscal variables on income inequality while second model tried to investigate the role of monetary variables on income inequality. The third model tried to depict relationship of growth components on income inequality in Pakistan.  Study utilized ADF test to check the unit root problem of time series data which shows that variables are stationary on different level of integration. Study used ARDL cointegration approach to check the short run and long run dynamics among the variables. The study used Gini-Coefficient as a proxy variable of income inequality while budget deficit, investment growth, indirect taxes, subsidies, exchange rate, inflation rate, and remittances are fiscal and monetary variables used in this study. Whereas, GDP, rate of unemployment, agriculture growth rate, and manufacturing growth rate are the growth variables used in this study. In long run budget deficit, indirect taxes, and subsidy are negatively related with income inequality while investment growth rate is affecting directly inequality in the first model findings. Results of second model depicts that monetary variables also have short run as well as long run relation with income inequality. In long run coefficients of exchange rate, growth rate of foreign remittances, and rate of inflation are affecting inequality positively. Results of third model: growth model investigated the long run relationship where manufacturing growth, log of domestic product, and rate of unemployment are affecting the inequality positively. Furthermore, in the short run agriculture growth rate, manufacturing growth rate log of gross domestic product are significant with income inequality in Pakistan.