A significant credit towards today's scientific and medical advancements goes to the technique of cryopreservation. Cryopreservation refers to the maintenance of cellular life at subzero temperatures for a definite period of time in a state of suspended cellular metabolism. The technique has become an indispensable step in most scientific research and medical applications like assisted reproduction, transplantations, and cell-based therapies where-in it allows the long-term preservation of biological specimens like gametes, embryos, viruses, cells and tissues. Although already an extensively used technique, a significant proportion of the cryopreserved samples still incur notable damage. Ultimately this leads to a decreased post-thaw viability and proliferation. Moreover, it is also possible that events during the freezing process, provoke more serious disturbances in the preserved material with regard to its identity and functionality. Hence, with the need to use the technique more judiciously, additional studies are needed for optimizing the current cryopreservation methods in use. For this, a thorough understanding of the normal physiological changes that the cryopreserved sample undergoes and the physics of cryopreservation seems plausible. The review thus aims to unravel the current knowledge on the complex physico-chemical processes and reactions that occur during the standard cryopreservation techniques.