Flame retardants are the chemicals used in thermoplastics, thermosets, textiles and coatings to arrest the spread of fire. There are basically two ways to improve flame retardancy, namely additive and reactive. It was observed that the reactive modification enhances flame retardancy of polymer to the greater extent than the additive route. Hence in this review, more emphasis is given to the reactive approach. Following review depicts various flame retardants that can be incorporated to thermoplastic and thermosetting polymers, their mechanism of action and their combined effect on flame retardant properties of polymer system in which they are incorporated in.