Psychrophiles inhabit more than 70% of Earth's surface which includes Ocean depths, polar and alpine regions. Oceans have a constant temperature of 4–5°C below a depth of 1,000 m irrespective of the latitude. Psychrophiles and oceans are one of the underutilizing resources which have great economical and environmental potential. As the organisms should withstand to strong negative effect of low temperatures they adapted modifications in their membrane components and produces anti-freeze proteins which protects from forming ice inside the cell. The enzymes from psychrophiles are cold active due to their unique structural, kinetic and activation parameters which differ from mesophiles and thermophiles. By having the properties like high specific activity at low temperatures and thermolabile nature they are having potential applications in various fields of biotechnology. characterized originated from the Antarctic terrestrial and the Antarctic sea water (Gerday et al., 1997 and Russell, 1998). Specific activity of cold enzymes from wild strains and some of their recombinant forms have been determined in organisms of Antarctic and arctic regions including alcohol dehydrogenase (Feller, 1994 (a,b)), α-amylase (Vazquez et al., 1995), Aspartate transcarbamylase (Feller, 1992), Ca+Zn+2 protease, (Villeret, 1997) citratesynthetase, (Gerike et al., 1997) β-lactamase (Feller, 1997), malate dehydrogenase, subtilisin (Narinx, 1997), triose phosphate isomerase (Alvarez, 1998), and xylanase (Reddy, 2003). Typically cold enzymes show higher specific activity than that of their mesophilic enzymes. By considering all unique properties of these enzymes people realize that there is a huge Biotechnological potential of enzymes from psychrophiles. So there is urgent need to exploit them for stimulating further advances in this field. In this review we focused on psychrophilic enzymes and their cold adaptations at structural and molecular level activity-parameters and their applications in various Industries. Microorganisms that have colonized the cold environments are referred to as psychrophiles or cold adapted. They are found in deep sea to mountain and Polar Regions as well (Morita, 1975). In the strictest o definition, psychrophiles do not grow above 20 C. Organisms growing o well at low temperatures and also grow above 20 C are referred as psychrotolerant or psychrotrophs (Russell, 1992;1997). Thus, to avoid the difficulty of dealing with the varying maximum growth temperature, Neidhardt et al. (1990), defined psychrophiles as organisms that grow at ~5°C or below up to 20°C to distinguish them from mesophiles which o grow best at 37 C. Based on their surroundings Psychrophiles are further divided in to Piezo-psychrophiles, lives in the ocean depths and sediments and they usually face extremely high pressures, Halo-psychrophiles which inhabit in high salt concentrations (Yayanos, 1999)