Emergence of a novel coronavirus viz., severe acute respiratory syndrome coronavirus (SARS-CoV-2) in late 2019 and its subsequent substantial spread, produced coronavirus disease 2019 (COVID-19) pandemic worldwide. Given its unprecedented infectivity and pathogenicity, COVID-19 pandemic had a devastating impact on human health and its clinical management. It led to development and speedy trials of several vaccine candidates against SARS-CoV-2 at an exceptional pace; as a result, several COVID-19 vaccines were made commercially available in the 2021 first half. Although, several COVID-19 vaccines showed promising results, crucial in-sights into their epidemiology, protective mechanism and propensity of reinfection are not largely reviewed. In the present report, we provided insights into the prospects of vaccination against COVID-19 and assessed diverse vaccination strategies including DNA, mRNA, protein subunits, vector-based, live attenuated, and inactivated whole/viral particle-based vaccines, imi-tating COVID-19 infection. Next, we reviewed major aspects of various available vaccines ap-proved by the WHO and by local administration to use against COVID-19. Moreover, we com-prehensively assessed the success of these approved vaccines and also their untoward effects in-cluding the possibility of reinfection. We also provided an update on the vaccines that are under development and could be the promising candidate. Conclusively, we provided insights into the COVID-19 vaccine epidemiology, their potency and propensity for SARS-CoV-2 reinfection, while a careful review of their current status, strategies, success and future challenges was also presented.