Background Because of cost effectiveness, most of the laboratories in India estimate low-density lipoprotein cholesterol (LDL-C) levels with the Friedewald's formula. There were many shortcomings of the Friedewald's formula. Recently, Martin and colleagues have derived a new formula for calculating LDL-C. The present study was undertaken to calculate LDL-C using various formulae (Friedewald's formula, Anandaraja's formula, and Martin's formula) and to compare directly measured LDL-C (D-LDL-C) with calculated LDL-C at various ranges of triglyceride (TG) concentration. Materials and Methods The present study compared LDL-C measured by Martin's formula, Friedewald's formula, and Anandaraja's formula with D-LDL-C in 280 outpatient fasting samples between the age groups of 18 and 50 years. Depending on the TG values, study samples were divided into four groups. Group 1: less than 200 mg/dL; Group 2: 200 to 300 mg/dL; Group 3: 300 to 400 mg/dL; and Group 4: more than 400 mg/dL. Results Martin's formula shows highest correlation with r -value of 0.9979 compared with Friedewald's (0.9857) and Anandaraja's (0.9683) r -values. The mean difference was least for Martin's formula (0.31 ± 3.53) compared with other formulae. Among all the groups, percentage of error was least for Martin's formula (0.23%). Martin's LDL-C shows highest concordance (90.90%) compared with Friedewald's (79.60%) and Anandaraja's formulae (82.90%). Conclusion Among all the groups, Martin's formula shows highest correlation, least percentage of error, highest concordance, and least mean differences. At all TG levels, Martin's formula is the best formula compared with the Friedewald's formula and Anandaraja's formula.