A method and system for managing passenger and vehicle safety is disclosed. The method includes registering a passenger based on an identification parameter received from the passenger when the passenger boards a vehicle. The method further includes monitoring a set of vehicle status parameters associated with the vehicle in real time. The method also includes generating a notification when a predefined notification condition occurs. The predefined notification condition is associated with at least one of the vehicle status parameters and the identification parameter. The method further includes deregistering the passenger based on the identification parameter when the passenger exits the vehicle.