The purpose of the study is to analyze the role of intellectual capital (IC) and its impact on the firms’ financial performance and stock market performance in the context of Bangladesh. The study has followed a quantitative research design. Required data have been collected during the period of 2007-2017 from 141 listed manufacturing firms in DSE through administering a data observation sheet. Pulic’s VAICTM method has been used to determine the relevant elements of IC. The study has used a fixed-effect estimation technique for balanced panel data (1,551 observations) to measure, describe, and analyze the relationship between IC and firm performance. The results reveal mixed behavioral effects:the firms’ IC has a positive impact on financial performance although it has a negative impact on stock market performance. The results also indicate that even if IC triggers a significant rise in the firms’ EPS, the firms’ can’t maximize shareholders’ wealth due to their poor performance in the stock market of Bangladesh. The proposed models could be important tools for managers to integrate IC in their decision process. The proposed models could also be important tools for investors to select their portfolios that have a track record for continuous creation of value added (VA) in an efficient and sustainable way.