GFP is a naturally occurring fluorescent protein that absorbs a certain wave-length of light (absorption maxima= 395 and 475nm) and emits green fluorescence (emission maxima= 510nm). Later, similar red, yellow, orange, cyan, blue colored natural as well as laboratorydeveloped fluorescent proteins were discovered. Due to their fluorescent property these are widely used as bio-marker in diverse field of biological sciences. Green fluorescent protein is coded from a heritable gene known as gfp. GFP as well as Aequorin, a blue light emitting protein, were discovered from Aequorea victoria. Aequorin is used as calcium probe in modern researches. Activated chromophores which are located in the core of the fluorescent proteins, are responsible for their fluorescence emission. After accumulating several researchdata, here, we discuss a precise synopsis on immense potential of GFPs and its variants in the modern sciences such as cancer biology, drug discovery etc. also including the historical background and their structural and chemical aspects.