Free Space Optical Communication (FSOC) technology, designed to operate through free space as medium is rapidly emerging as reliable, fast & secure alternative for broadband communication. It is being researched & investigated for applications and technical utilities in both civil & military domain systems owing to its immense benefits including high security, better data rates & fast installations, no requirement of licensed spectrum, best costs & simplicity of design as compared to contemporary Radio Frequency (RF) systems. FSOC networks once established are difficult to detect & intercept in view of small divergence of the laser beams. This paper reviews the FSOC technology and presents features based merits as well as unmatched advantages & associated major applications in various fields collating them into a single reference point for future research. Efforts have also been invested to present a review of FSOC’s limitations & innovative emerging mitigation techniques which can prove to be a one stop feeder & a launch pad for future research in FSOC domain. A literature survey has been undertaken of available FSOC related military applications to review & gather relevant inputs to throw light on emerging trends in military applications including recent experiments & researched areas pertaining to laser systems & weapons, Unmanned Aerial Vehicles (UAVs), under sea usages, terrestrial applications, aerial, naval ships/shore based applications & RF/hybrid systems. It has been endeavored to shed light on findings & developments in these classified military domains to generate inputs for future work in this domain. Finally, a future technical roadmap and a way ahead & suggestions have been coined up pointing towards required impetus & focus areas in FSOC research domain.