Optical Character Recognition is the process of text extraction from images of handwritten text. Mathematical Equation is a statement of an equality containing one or more variables. Variables are alphanumeric characters and equation also contains mathematical symbols like +(plus), -(minus), *(multiply), /(divide) etc. OCR of mathematical equation using Multi-Layer Neural Network Perceptron is a system that locates and recognizes mathematical equation written in a paper. The classifier used to recognize the mathematical equation is Multi-Layer Perceptron Neural Network that has 784(28*28) input nodes, 500 hidden nodes and 41 output nodes. First, the Neural Network is trained with 2000 data sets of each alphanumeric digit and mathematical symbols. The images of handwritten equation are preprocessed and then fed to neural networks for recognition. The Neural Network give 96.25% efficiency in recognizing alphanumeric characters.