Boron carbide is a strategic material, finding applications in nuclear industry, armour for personnel and vehicle safety, rocket propellant, etc. Its high hardness makes it suitable for grinding and cutting tools, ceramic bearing, wire drawing dies, etc. Boron carbide is commercially produced either by carbothermic reduction of boric acid in electric furnaces or by magnesiothermy in presence of carbon. Since many specialty applications of boron carbide require dense bodies, its densification is of great importance. Hot pressing and hot isostatic pressing are the main processes employed for densification. In the recent past, various researchers have made attempts to improve the existing methods and also invent new processes for synthesis and consolidation of boron carbide. All the techniques on synthesis and consolidation of boron carbide are discussed in detail and critically reviewed.