Waste is a byproduct of minor economic value that is essentially worthless after primary usage. A waste product can be converted into an economic resource by increasing its value above zero. Human intervention has posed a threat to our natural resources by more waste production and low maintenance. To maintain our natural resources we must find new ways to reuse garbage, produce less waste and effectively manage inevitable waste. Studies and technology have also found role of waste in energy generation. In this review an attempt has been made to evaluate the major parameters of household solid and liquid waste management. The existing management practices, new innovations, challenges in waste management and future prospects in waste management are also reported. The study concluded innovative techniques of household waste management being the need of the hour.