Peace building both as a process and goal cannot be isolated from the empirical realities of the given nation. The facts around the issues do have decisive role in both the process and objectives. The political instruments and mechanisms are also decisive elements in this regard. An honest, pragmatic and visionary political leadership of the nation is a pivotal instrument of transforming the conflict. In many nations, the process eventually failed not because there was a lack of potential for pragmatic peace process. However, the peace process miserably failed because the leadership was not unfettered by vested interests or political gimmicks. The transformation of conflict demands ‘a true political honesty and sincerity’. Conflicts are not essentially an evil. If they are taken positively, they can be used as important ‘energy or driving force to rebuild the society’. This dynamic, however, can play role only in a society where there is a culture of public or national interests outweigh the individual or partisan political interests of leadership. So far, Nepal has not been able to become a nation of leaders where they are inclined to sacrifice their partisan interests for the sake of national or public interests. This paper basically highlights the perspectives of failures of political leadership observed, its causes and consequences along with the peoples' expectation in Nepal.