In a competitive and brand conscious market like India, building brand equity of mobile phones is a challenging task. The companies need to assess the prior experiences and future aspirations of consumers to possess these brands. In this context, present study examines the relationship between brand equity dimensions, overall brand equity and customer satisfaction. Data was collected from 245 university students in New Delhi and adjoining cities of India through self-administered questionnaires using convenience sampling technique. Out of these, 205 were used for the purpose of study, which provided a response rate of 83.5 percent. Multiple regressions confirmed a significant relationship between the dimensions of brand equity and overall brand equity; and also between overall brand equity and customer satisfaction. Marketing managers often have limited resources in terms of money, time, and manpower to implement branding strategies, so these findings can help them to prioritize and allocate resources across important dimensions.