There are several Buddhist canons, which refers to the various scriptural collections of Buddhist sacred scriptures or the various Buddhist scriptural canons. Some of these collections are also called Tipiṭaka (Pali: [tɪˈpɪʈɐkɐ]) or Tripiṭaka (Sanskrit: [trɪˈpɪʈɐkɐ]) , meaning "Triple Basket", a traditional term for the three main divisions of some ancient canons. In ancient India, there were several Buddhist scriptural canons that were organized into three main textual divisions: Vinaya (monastic rule), Sutra (which contains teachings of the Buddha) and Abhidharma (which are more systematic and scholastic works). For example, the Pāli Tipiṭaka is composed of the Vinaya Piṭaka, the Sutta Piṭaka, and the Abhidhamma Piṭaka. In East Asian Buddhism meanwhile, the traditional term for the canon is Great Storage of Scriptures (traditional Chinese: 大藏經; pinyin: Dàzàngjīng).

The Pāli Canon maintained by the Theravāda tradition in Southeast Asia, the Chinese Buddhist Canon maintained by the East Asian Buddhist tradition, and the Tibetan Buddhist Canon maintained by the Tibetan Buddhist tradition are the three main important scriptural canons in the contemporary Buddhist world. The Nepalese canon, particularly its Buddhist Sanskrit literature has also been very important for modern Buddhist studies scholarship since it contains many surviving Sanskrit manuscripts. The Mongolian Buddhist canon (mostly a translation from the Tibetan into Classical Mongolian) is also important in Mongolian Buddhism.

While Tripiṭaka is one common term to refer to the scriptural collections of the various Buddhist schools, most Buddhist scriptural canons (apart from the Pāli Canon) do not really follow the strict division into three piṭakas. Indeed, many of the ancient Indian Buddhist schools had canons with four or five divisions rather than three. Likewise, neither the East Asian Buddhist canon nor the Tibetan canon is organized in a traditional Indian Tripiṭaka schema.

Tipiṭaka (Pāli), or Tripiṭaka (Sanskrit: त्रिपिटक), means "Three Baskets". It is a compound of the Pali ti or Sanskrit word of tri (त्रि), meaning "three", and piṭaka (पिटक), meaning "basket". These "three baskets" recall the receptacles of palm-leaf manuscripts and refer to three important textual divisions of early Buddhist literature: Suttas, the Vinaya, and the Abhidhamma.

Sutras were the doctrinal teachings in aphoristic or narrative format. The historical Buddha delivered all of his sermons in Magadhi Prakrit. This language was related to other Prakrits like Pali, though its exact nature is not fully known. The sutras were transmitted orally until eventually being written down in the first century BCE. Even within the Sūtra Piṭaka it is possible to detect older and later texts.

The Vinaya Piṭaka appears to have grown gradually as a commentary and justification of the monastic code (Prātimokṣa), which presupposes a transition from a community of wandering mendicants (the Sūtra Piṭaka period) to a more sedentary monastic community (the Vinaya Piṭaka period). The Vinaya focuses on the rules and regulations, or the morals and ethics, of monastic life that range from dress code and dietary rules to prohibitions of certain personal conducts.

The Abhidharma refers to more scholastic philosophical works. Many of these texts are later than the sutras and are school specific. Hence, the Sarvastivada school's Abhidharma Pitaka contains a completely different set of texts than the Theravada school's Abhidhamma collection.

While these three textual categories were very common in the canons of the early Buddhist schools, they were not the only ones. Some schools also had additional Pitakas other than the main three. These extra Pitakas included collections of incantations, magical spells or Dhāraṇī which were called Vidyādhāra Piṭaka, Mantra Piṭaka or Dhāraṇī Piṭaka. Likewise, some Buddhist schools in India also maintained Bodhisattva Piṭakas, which contained texts that were later termed "Mahayana".