The structure of a gene or protein is evolutionary more conserved than a DNA sequence; therefore, study of genetic inheritance at molecular level revealed by latest bioinformatics approaches has great potential to disclose the genetic basis associated with diverse phenotypes. Granule bound starch synthase (GBSS), a waxy gene encoded protein dictates cooking and eating quality attributes in different cereal species. In the current study, we have evaluated the sequence information of waxy gene retrieved from various data sources in two cereal genomes. We have interpreted homology modeling, functional annotation and comparative genome analysis of waxy gene among rice and maize genomes. Based on homology modeling, three dimensional (3D) structure of the gene was constructed and interpreted in both species. Several validation tests were computed to check the reliability of 3D structure. In comparative genome analysis, we found conserved domains only in rice waxy protein. These conserved domains have significant role for starch biosynthesis and inheritance of waxy gene in different rice species with variable starch contents. The study has clear implications to annotate the role of GBSS enzyme and linked proteins associated with diverse starch phenotypes. More insights into the structure of waxy gene will lead to annotate the role of this gene in different biological pathways in different cereal species.