A lubrication system for turbocharger(s) ensures continuous lubrication of bearings and shaft of the turbocharger with lubricant retention during start and shut down of turbocharger-associated systems thereby enhancing the performance and turbocharger life. A shaft and bearings are lubricated by introducing pressurized lubricating oil through an oil inlet passage in the bearing housing and after lubricating, the lubricant returns to the engine oil sump located below the turbocharger through the oil outlet passage. A valve in the oil inlet pipe line permits lubricant flow to the bearings during engine running, and when the engine stops and oil pressure falls below the valve opening pressure, the valve shuts and traps the lubricant in oil inlet pipe that is above the valve. The oil outlet pipe retains sufficient lubricant in the bearing housing which lubricates the shaft and bearings post engine shutdown.