The realization that the web site behavior is a pretty accurate indicator of product purchase intention is not now new. Behavioral targeting has been around for years. Most of the behavioral targeting companies tell online advertisers and publishers alike that the real key to using this information more efficiently is to apply the behavioral metrics to measuring and assessing what unique visitors do. As website advertising and data collection methods change, the Behavioral advertising environment increases in the level of complexity which can be a threat for the upcoming businesses and the consumers. It is getting a plenty of attention for being the next big thing since the advent of contextual advertising. It is the time for online advertisers to explore the opportunities and challenges which eradicate the obstacles and emphasizes on developing successful creative advertisement strategy so that the effectiveness of their campaign increases. Behavioral advertising is a form of online advertising that follows the user around. The theory behind behavioral advertising is that while the people are web surfing they see more of the advertisements most of the time. Recent studies suggest that behavioral advertising converts better than contextual advertisement targeting. This paper develops the conceptual framework to analyze the significant opportunities and challenges for behavioral advertising in the current scenario that can support the online advertisers and publishers to frame the strategies to deal with.