L-Asparaginase is an effective chemotherapeutic enzyme catalyzes hydrolysis of the amino acid asparagine into aspartate and ammonia which is essential for tumour cells. It has been effectively used in the treatment of acute lymphoblastic leukemia and lymphosarcoma. Acrylamide, the low molecular weight human carcinogen, has neurotoxic and genotoxic effects. The mechanism behind the inhibition of acrylamide generation in food systems are the hydrolysis of carboxamide group of amine in asparagine into asparatic acid and this lead to either elimination or reduction in acrylamide content in food. Utilizing of Lasparaginase as a mitigation technique for reduced acrylamide concentration is the main promising application in food industry. The present review focuses on enzyme sources, mechanism of action as well as a detailed information about its production and purification. It also provides some recent updated information about its chemical structure, physiochemical, kinetic properties of the enzyme and its applications in food industry.