Foraminifers can be found in all marine ecosystems, from the shallows to the deep oceans. They are environmentally sensitive and can reflect the health of the habitat in which they inhabit. Microfossils, notably foraminifera, have emerged as a critical source for addressing environmental challenges in recent decades. They give an indication of natural conditions by serving as indicator species. Dramatic variations in diversity of foram species are frequently used to identify stressed environments. Several foram species exhibit sensitivity to changes in environmental conditions with morphological abnormalities. Ammonia sp. has been identified as potential bio-indicator. Oil industry with the help of micropaleontological, biostratigraphy and paleoenvironmental studies have surely flourished all across glob. The purpose of this review is to provide a wide aspect of foraminiferan taxonomy, ecology and applications. This review evaluates current research work on modern foraminifers.