System and method for estimating speed of a vehicle is disclosed. Speed of a vehicle is recorded using a first sensor at a time interval of a plurality of time intervals. Further, an acceleration of the vehicle may be recorded using a second sensor at each sub-interval of the time interval. At each sub-interval, a forward speed and a backward speed, of the vehicle are obtained based upon the acceleration at each sub-interval. After obtaining the forward speed and the backward speed, a predefined weight may be assigned to the forward speed and the backward speed at each sub-interval. Subsequently, a corrected speed of the vehicle at each sub-interval is calculated based upon the predefined weight, the forward speed and the backward speed. Further, a slope associated with the speed of the vehicle is determined Based upon the slope, the speed of the vehicle at a sub-interval may be estimated.