Biotechnology is defined as biology-based technology using organisms or their parts to make or modify products or to improve characteristics of plants, animals, and microorganisms for the demands of human beings. Biotechnology profoundly impacts various fields such as agriculture, animal husbandry and veterinary, industry, food science, pharmaceutics and medicine, environment, fine chemistry, biofuels, forensics, and nanotechnology. Nowadays, biotechnology and bioindustries are becoming integral parts of the knowledge-based economy, and therefore, biotechnology has become a powerful and indispensable tool for the development of all countries in the world. As a rule, biotechnology also requires regulatory policies to control genetically modified organisms and derived products to avoid risks to biodiversity, human health, the environment, and ethical issues. This article reviews the current research, challenges, and perspectives of biotechnology as an integration of both life sciences and applied sciences.