The present invention provides for transforming .NET framework based legacy applications to latest .NET framework versions. In operation, the present invention provides for retrieving source code of application to be transformed. Further, metadata object is extracted from retrieved source code. The metadata object comprises details, including, application type, .NET framework version of application, and features of application that are incompatible with selected modern-framework, such as .NET Core,.NET 5.0, .NET 6.0 or any other latest .NET framework version to which application is to be transformed. Further, a step list is generated based on the metadata object. The step list is representative of list of steps to be executed to transform the features of the application that are incompatible with the selected modern-framework to modern-framework compatible features. Yet further, the present invention provides for transforming .NET framework based application to selected modern-framework based application based on metadata object and generated step list.