If i am reading one of my application settings from the web.config everytime when each of my ASP.NET page loads,Would it be a performance issue ?I m concerned about memory too.
I don't think I'd worry about it. It is a very small file, and reading from it is very fast. If it concerns you that much, read it into an Application variable, and reference that throughout the app instead.
It's not great, but in the context of serving up a page, it's just a drop in the bucket. It's not nearly as bad as reading it over and over in a loop, hundreds of times per page view. Lots of pages do things like look up previous visit info (user preferences, cookie tracking, etc..) which usually requires opening a database connection and running a query. So hitting the config file is small potatoes.
You also have to consider how often this really happens. A thousand times per hour? Don't waste your time. A thousand per minute? Stil probably not a problem (a datbase query would probably be a different story though). A thousand times per second, and then you've got reason to try to optomize this.