A simple, specific, accurate and precise stability indicating high performance thin layer chromatographic method has been developed for the estimation of nicorandil in tablet dosage form. Nicorandil was chromatographed on a silica gel plate using ethyl acetate: methanol: chloroform (5 : 1 : 4v/v/v/) as mobile phase and plates were scanned at 254nm. The drug content in the marketed tablets and validation by recovery study were carried out with this method. Hydrolytic degradation kinetic study of nicorandil was investigated in 4N NaOH and 4N HCl at 37°C for reaction rate constants (Kobs) and chemical half life (t1/2). The major degradation product was identified as denitrated nicorandil by the use of relevant UV, IR and NMR study.