The present disclosure relates to a fungicidal composition containing azoxystrobin and tricyclazole, wherein the ratio of the amount of azoxystrobin to the amount of tricyclazole ranges from 1: 1 to 1: 9. The present disclosure further provides a fungicidal formulation containing the fungicidal composition, in an amount ranging from 5 to 95 % of the total weight of the formulation and at least one excipient, in an amount ranging from 5 to 95 % of the total weight of the formulation, selected from the group consisting of carriers, dispersing agents, wetting agents, surfactants, stabilizers, thickeners, binders, defoamers, anti-caking agents, anti-freezing agents and optionally vehicles. The formulation is in at least one dosage form selected from the group consisting of water dispersible granules, wettable powder and suspension concentrate. The present disclosure also relates to a process for the preparation of the fungicidal composition.