In the Grid environments where many different implementations are available, the need for semantic matching based on a defined ontology becomes increasingly important. Especially for service or resource discovery and selection. In this paper, we propose a flexible and extensible approach for solving resource discovery and selection in the Grid Environments using ontology and semantic web and grid technologies. We have designed and prototyped an ontology-driven resource discovery and selection framework that exploits ontologies and domain knowledge base. We present results obtained when this framework is applied in the context of drug discovery grid. These results demonstrate the effectiveness of our framework.