The marine environment is a relatively unexplored source of functional ingredients that can be used in food processing, storage, and fortification in a variety of ways. Marine microorganisms are a possible source of novel bioactive chemicals with potential human utility. Some of these microbes can live in the harsh marine environments, resulting in complex compounds with unique biological properties that can be used in several industrial and biotechnological applications. So far, several marine microorganisms (fungi, myxomycetes, bacteria, and microalgae) have been isolated that produce antioxidant, antibacterial, apoptotic, antitumoral, and antiviral chemicals. Furthermore, it emphasizes the enormous potential for marine microbes to produce very important bioactive chemicals. They are used for new drug developments extensively across the world. Marine pharmacology offers the scope for research on these drugs of marine origin. Few institutes in India offer such opportunities which can help us in the quest for new drugs. This is an extensive review of the drugs developed and the potential new drug candidates from marine origin along with the opportunities for research on marine derived products. It also gives the information about the institutes in India which offer marine pharmacology related courses. Keywords: Anticancer, Bryostatin, Cytarabine, Keyhole limpet hemocyanin, Mariculture, Sponge, Ziconotide