Accounting conservatism and earning management are very much pervasive in financial reporting practices. Therefore, this research study aims to investigate the relationship between accounting conservatism and earning management by using a sample of 317 non-financial Pakistani firms consisting of 4204 firm-years over the period 1999-2013. Conservatism at the firm level is estimated by using the C-Score measure and earning management is observed by calculating discretionary accruals. The estimated results show that one fourth (86 firms) of the sample is highly conservative; out of these 76% (65 firms) showed least earning management (Earning management1) while 24% (21 firms) showed moderate earning management (Q₁3). On the other hand, in the least conservative group, 71% (57 firms) showed high earning management (Earning management > Q₃) and 29% (23 firms) showed earning management at a moderate level (Q₁3). Thus the findings of the study reveal a negative association between accounting conservatism and earning management.