Biotechnological discoveries and inventions have been observed to improve food production qualitatively as well as quantitatively. In certain specific cases, the improvement in the quality and nutrition of foods by altering their composition were also monitored. However, the practice of biotechnology has also upraised concerns about its potential risks to the environment as well as human being. Genetic Engineering provides resources to host genes into plants via mechanisms, different in some respects from classical breeding. A number of genetically engineered variety of foods have been developed, which have become important nutraceuticals; most notably canola, cotton, maize and soybean, were developed employing this modern technology, and at present the traits introduced are herbicide and/or pest tolerance. Gene technology leads to increase the production in plants, as well as the elevation of resistance to pests, viruses, frost, etc. Gene transfer technology is employed to alter the physical and chemical composition with nutraceutical worth. The present review article is the compilation of various physiological and biochemical studies reflecting both positive and negative ecological concerns of genetically modified foods.