In the last decade, most of the developed countries had harvested the yields of GM crops and equally had opposed them in certain contexts. GM foods had reached the markets and are being utilized on daily basis in the developed countries. Cosumer awareness is the point of concern and there are confusions prevailing among consumers regarding GM crops. There are no clear policies regarding the marketability of GM products. Policies vary across the countries. Certain countries follow the labeling of GM products while some others do not, hence consumers are not clear regarding the usage of GM products. Oppositions for GM foods do exist in various fields including environmental concerns, animal feed and human consumables. Despite of the consequences, there are more prospects for GM technology. This potential technology had wide range of applications in various fields. Lifesaving therapeutics developed through recombinant DNA technology including insulin, thromboplastins etc. are genetically modified in one or the other organisms for the benefit of mankind. The need for genetic modification, development of GM crops, environmental concerns, environmental protection using GM technology, applicability of GM products for human needs, animal feeds, their cross contamination controversies, monopoly of certain companies, controversies faced by the developed counties, challenges targeted to developing countries, scientific solutions, marketability of GM products, labeling controversies, regulatory authorities, policy decision by various countries, consumer concerns and overall importance of GM crops is dealt in this review article.