Parabolic leaf spring is one of the vital components in vehicle suspension system, and it is commonly used in heavy vehicles. It needs to have an excellent static load bearing capacity and fatigue life too. The purpose of this work is to make computer aided engineering (CAE) analysis of mono parabolic leaf spring and to see the effect of change of material in the optimized leaf. A mono steel leaf spring and a mono leaf spring made of composite material have been selected for this comparative analysis. The material of the mono steel leaf spring is EN45A and Glass Reinforced Plastic (GRP) as composite material which is having high strength to weight ratio. The mono leaf spring model is having one full length leave with eyes at both ends, two pins in each eye end and a rubber pad on the upper face of leave center. The CAD modelling of parabolic leaf spring has been done in CATIA and for analysis the model is imported in ANSYS workbench. It was shown that the use of composite material instead of steel resulted into large deflection, small variation in stresses and also a large amount of weight reduction.