In world millions of things, objects sense, collect data, share, and communicate these data with each other. Further on analysis, the results obtained are used to initiate some action of decision making and planning in business. This is called Internet of Things (IoT). It has become more relevant to the existing practical world of today due to the evolution of chips, sensors, mobile devices, embedded and pervasive communication, data analytics, and cloud computing. By installing tiny short range of mobile transceivers into everyday items enables new forms of communication and adds new dimension to the world of information and communication. This results to come out new applications and address challenges to the society, such as remote health monitoring, tracking of assets and products, cost savings, optimizing resource usage, enabling quick responses to disasters, smart offices and homes, assisted living, enhanced learning, and e-health. All these will play a leading role in the future. There are numerous potential applications of the IoT, spreading practically into all areas. This chapter throughs light on some potential applications of Internet of Things with its advantages and disadvantages.