In the modern world, Virtual Reality (VR) has been accepted by the researcher as a state-of-the-art neuropsychological assessment tool in clinical research. Owing to the two prominent VR attributes i.e. immersivity and interactivity, VR is being used as an assessment tool as well as a training module. Combining cognitive knowledge with existing VR technology can propel VR to achieve a quantum leap in the rehabilitation sector. In addition, it offers potential radical modifications in the traditional way of neuropsychological assessment in the clinical settings, by improving ecological validity of the existing tests. Subsequently, features of VR facilitate customisation of an individual's treatment plan with the informed gradual progression of the challenge. This chapter explains VR as an innovative platform in the sector of medical & others such as military and sports for assessment as well as for training.