MXene, a new member of the 2D material family, has stimulated research and been used in a variety of fields since its inception. It is a two dimensional transition metal‐based layered material made of carbides and nitrides. From the beginning of its discovery, the specific etching of the MAX phase and various predecessors have been employed to generate distinct compositions, with several compositions being theoretically envisaged. Due to their unique features, the MXene family is a prospective contender for a variety of applications, including, interference shielding by electromagnet, energy storage, electrocatalysis, water purification, environmental remediation, medicine and so on. The pure MXene as well as MXene based materials can be easily prepared from their MAX phases and easy implementation in broad range of areas. The review article includes the properties, MAX phase synthesis, selection of precursor materials, as well as commonly used preparation methods of MXene. A few applications of MXene based materials in variety of fields have been covered in this review. Additionally, the limitations and future prospects of MXene and MXene‐based compounds have been discussed.