Objective: To identify challenges faced by stakeholders of the mentoring program, i.e. mentors, mentees, and mentoring committee in the University College of Medicine & Dentistry, The University of Lahore. Methodology: This qualitative exploratory study was conducted at the University College of Medicine & Dentistry (UCMD), Lahore. Six focus group discussions were conducted with 18 mentees, 12 mentors, and 6 members of mentoring committee. Two focus group discussions were conducted with mentors, three with mentees, and one with mentoring committee. Thematic analysis was performed after transcribing the recorded data. Results: The major challenges faced by mentors are lack of a faculty development program, no incentives, mentees considered it a complaint box, lack of students' seriousness, and lack of authority. Major challenges faced by mentees are non-availability of mentors, non-confidentiality, untrained mentors, and improper scheduling. Major challenges faced by the mentoring committee are lack of committee training, lack of proper job descriptions, and improper channeling. Conclusion: This study concludes that the issues faced by mentors, mentees, and the mentoring committee are serious and must be addressed for the smooth running of the mentoring program.