Membrane science is a relatively new area of applied chemistry and chemical engineering and plays a vital role in the field of alternative energy and separation applications. The field of membrane science is therefore an emerging area with enormous industrial and public health significance. Today, various kinds of separation membranes have been studied and utilized industrially in different processes including reverse osmosis, nanofiltration, ultrafiltration, microfiltration, electrodialysis, and pervaporation. Technical feasibility of all these processes largely depends on membrane and its properties. Among the separation membranes, ion exchange membranes are one of the advanced separation membranes. Therefore, this chapter addresses on different types of ion exchange membranes with reference to their preparation, properties, as well as their industrial applications. Although ion exchange membranes are broadly classified into homogeneous and heterogeneous membranes, this chapter also covers other types of ion exchange membranes such as amphoteric, mosaic, bipolar, interpolymer, and graft and block copolymer membranes. At the end, prospectives and conclusions on the ion exchange membranes have also been highlighted. The relevant literature was collected from different sources including Google sites, books, reviews, and research articles.