At the beginning of the twenty-first century mankind is faced with the serious problem of meeting the energy demands of a rapidly industrializing population around the globe. This, against the backdrop of fast diminishing fossil fuel resources (which have been the main source of energy of the last century) and the increasing realization that the use of fossil fuels has started to adversely affect our environment, has greatly intensified the quest for alternative energy sources. In this quest, fusion has the potential to play a very important role and we are today at the threshold of realizing net energy production from controlled fusion experiments. Fusion is, today, one of the most promising of all alternative energy sources because of the vast reserves of fuel, potentially lasting several thousands of years and the possibility of a relatively ‘clean’ form of energy, as required for use in concentrated urban industrial settings, with minimal long term environmental implications. The last decade and a half has seen unprecedented advances in controlled fusion experiments with the discovery of new regimes of operations in experiments, production of 16 MW of fusion power and operations close to and above the so-called ‘break-even’ conditions. A great deal of research has also been carried out in analysing various socio-economic aspects of fusion energy. This paper briefly reviews the various aspects and achievements of fusion research all over the world during this period.