Claim: Buddhism's 500 million followers are known as Buddhists.

Buddhism -LRB- -LSB- pronˈbʊdɪzəm -RSB- or -LSB- ˈbuːdɪzəm -RSB- -RRB- is an Indian religion and dharma that encompasses a variety of traditions , beliefs and spiritual practices largely based on teachings attributed to the Buddha . Buddhism originated in Ancient India sometime between the 6th and 4th centuries BCE , from where it spread through much of Asia , whereafter it declined in India during the middle ages . Two major extant branches of Buddhism are generally recognized by scholars : Theravada -LRB- Pali : `` The School of the Elders '' -RRB- and Mahayana -LRB- Sanskrit : `` The Great Vehicle '' -RRB- . Buddhism is the world 's fourth-largest religion , with over 500 million followers or 7 % of the global population , known as Buddhists .   Buddhist schools vary on the exact nature of the path to liberation , the importance and canonicity of various teachings and scriptures , and especially their respective practices . Practices of Buddhism include taking refuge in the Buddha , the Dharma and the Sangha , study of scriptures , observance of moral precepts , renunciation of craving and attachment , the practice of meditation -LRB- including calm and insight -RRB- , the cultivation of wisdom , loving-kindness and compassion , the Mahayana practice of bodhicitta and the Vajrayana practices of generation stage and completion stage .   In Theravada the ultimate goal is the cessation of the kleshas and the attainment of the sublime state of Nirvana , achieved by practicing the Noble Eightfold Path -LRB- also known as the Middle Way -RRB- , thus escaping what is seen as a cycle of suffering and rebirth . Theravada has a widespread following in Sri Lanka and Southeast Asia .   Mahayana , which includes the traditions of Pure Land , Zen , Nichiren Buddhism , Shingon and Tiantai -LRB- Tendai -RRB- , is found throughout East Asia . Rather than Nirvana , Mahayana instead aspires to Buddhahood via the bodhisattva path , a state wherein one remains in the cycle of rebirth to help other beings reach awakening .   Vajrayana , a body of teachings attributed to Indian siddhas , may be viewed as a third branch or merely a part of Mahayana . Tibetan Buddhism , which preserves the Vajrayana teachings of eighth century India , is practiced in regions surrounding the Himalayas , Mongolia and Kalmykia . Tibetan Buddhism aspires to Buddhahood or rainbow body .