India is a democratic, socialistic republic that is committed to providing high quality elementary education to all children. This research paper examines and analyses the effects of school, teacher and home factors on learning outcomes in elementary schools in the urban slum areas of Varanasi city and assesses the learning outcomes of students of these elementary schools. A descriptive survey method was employed in the study that was conducted in a randomly selected sample of 75 elementary schools. Four research tools were employed including: a school questionnaire, a teacher questionnaire, a home environment questionnaire and a classroom observation form. Learning outcomes were assessed using competency-based mathematics and language (Hindi). Data were analysed using multilevel regression analysis, percentage and t-tests. The results of the study revealed discernible positive effects on learning outcomes of both school and home factors such as the level of infrastructure available in the school, the quality of student--teacher interaction, teacher responsiveness and parental socio-economic background. However, the learning outcomes of elementary schools in slum areas were found to be unsatisfactory when compared with national norms.