Aim: To evaluate the etiology and staging of neovascular glaucoma (NVG) in patients presenting to a tertiary care hospital through a prospective observational study. Material and Methods: This prospective observational study was conducted in the Department of Ophthalmology. A total of 130 eyes from 120 patients diagnosed with NVG underwent thorough ocular examinations, including visual acuity testing, slit lamp biomicroscopy, intraocular pressure (IOP) measurement, gonioscopy, and dilated fundus examination. Neovascularization of the iris and angle was graded, and indirect ophthalmoscopy or B-scan was performed in cases with media opacity. Data were analyzed using SPSS version 20.0, employing chi-square and ANOVA tests to study the association between etiology, NVG stages, and IOP levels. Results: The study revealed a male predominance (79.17%), with most patients aged between 30 and 40 years (37.5%). Rubeosis iridis was the most prevalent stage of NVG (56.67%), followed by angle closure stage (32.5%) and open-angle stage (19.17%). Diabetic retinopathy was the leading cause of NVG, accounting for 53.07% of cases, followed by inflammation (12.31%) and vein occlusion (9.23%). The mean IOP was highest in the angle closure stage (37.32 ± 15.124 mmHg) and lower in rubeosis iridis (24.11 ± 15.214 mmHg) and open-angle NVG (23.97 ± 16.367 mmHg). Conclusion: This study underscores diabetic retinopathy as the most common cause of NVG, with advanced stages like rubeosis iridis and angle closure being prevalent. Elevated IOP in advanced stages highlights the importance of early detection, timely intervention, and management of systemic and ocular conditions to prevent NVG progression and preserve vision.