Proteases are enzymes with highly specialized proteolytic functions. Proteases are classified as highly demanded enzymes with numerous plant, animal, and microbial sources. They are present in all living things and are crucial for the development and differentiation of cells. They not only have several physiological functions and roles in living beings but are also of great importance in various industries as well thus providing a lot of economic benefits. This review aims to study and analyze the updated information on various biological aspects of proteases highlighting their sources, types, and mode of actionon microbial production of the enzyme and their industrial applications.