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The paper looks into the Indo-German collaboration in S&T, through the co-authored publications during the period 1996-2000. The collaboration is under two broad streams, bilateral and multilateral. The study provides an analysis of co-authored papers by main fields and sub-fields and the impact of such collaboration in different fields of S&T. The paper identifies the major institutions involved in collaborative research in the two countries. The study reveals the extent of commonality of subject interest between the two countries. The analysis showed that the bilateral papers were maximum in physics followed by chemistry, biomedical research, etc. However the impact factor of bilateral papers was highest in biomedical research followed by physics, chemistry, etc. As many as 88 per cent of all bilateral papers have been reported in journals having impact factor less than 1.38, the average impact factor of all bilateral papers. Similar result of analysis is shown for the multilateral papers. [ABSTRACT FROM AUTHOR]