Polyurethane dispersions are gaining in importance due to their environmentally friendly coating system, versatile coating properties and ease of application. An enormous amount of research is focused on waterborne coatings such as waterborne alkyds, water-reducible alkyds, alkyd-acrylic hybrids, oil modified polyurethane dispersions and their composite latexes. This review gives a comprehensive compilation of recent studies on the synthesis and applications of waterborne coatings. The article specifically covers all of the research work carried out in the field of waterborne alkyd-acrylics, polyurethane dispersions and their hybrid latexes systematically.