This research project studies Pip’s ego fluctuations in Charles Dickens’s Great Expectations. Freud’s division of the human psyche into id, ego and superego is appropriate for the analysis of the rise and fall of the hero in his pursuit to attain gentlemanhood. Four main questions have been addressed: First, what makes up Pip’s id? Second, what are the main components of his superego? Third, does Pip’s ego succeed or fail in striking a balance between his id and superego? In what ways does it fail? And fourth, how does Pip’s ego eventually succeed in striking a balance between his id and superego? The study finds out that Pip’s id is demonstrated through his fascination with high-class lifestyle and relinquishment of common life. It shows that his superego is constructed from the hurdles that prevent him from pursuing gentlemanhood, namely past common life restraints and present high class deficiencies. It also demonstrates how Pip’s faulty ego comes as a result of his frustration at high class lifestyles and resentment of his old common life. The study eventually reveals that two important factors contribute to the success of Pip’s ego: His reconciliation with the past and appreciation of the present in order to have more realistic expectations of the future.