Cold-active enzymes and their anticipated application in various industries including food industry attracted attention of worldwide scientific community. Cold-active enzymes, also known as psychrophilic enzymes, possess high catalytic activity at low and moderate temperatures. Due to low-temperature activity, these enzymes utilize less energy in biochemical reactions and also stabilize fragile compounds in the reaction medium. The source of coldactive enzymes is basically psychrophilic/psychrotrophic microorganisms which are found in cold environments. In comparison to mesophilic and thermophilic enzymes, till date, very few cold-active enzymes are known and least explored so far in the food industry. This review contains latest development and innovation in cold-active enzymes along with their applications in food biotechnology.