Although there are several airfoil designs available to choose from, for the application of aircraft design, the problem of finding the optimal design based on mathematical and physical modeling has not been attempted before. For that purpose, research on existing literature has been done to find the most efficient and optimal airfoil design and optimization technique to be further used for designing and optimizing airfoils. Both physical and mathematical modeling along with other computational algorithms will be used to generate optimal new airfoil designs for high lift and low drag for specific operational conditions.