The research area of phonological study of Schwa /ə/ in Punjabi is a need of linguistic survey of Punjabi language. Punjabi is tonal language in which schwa occurs in only word-initial and word-medial. Word-initial schwa is found in frequent use. The word-medial schwa is generally used functionally to break the consonant clusters and is not represented orthographically. It also acts as tone bearing unit (TBU) in many tonal words. It may be nasalized also. Consonantal release vowel Schwa is observed in isolated words with closed-syllable ending. Thus schwa may have different acoustic properties in these contexts. The study of first two formants also helps in measuring the acoustic properties of vowels , thus the spectrographic study of schwa needs to be carried out for which the F1 variations and acoustic space in terms of F1 & F2 will be examined by recording speech data of 10 native Punjabi speakers. The investigation of said work is based on the words containing schwa in different positions and phonetic coverage of various contexts. The co-articulation effects on variability of schwa will be reported.