It is common to see people behaving in a way which will negatively affect their future goal for the sake of attaining immediate pleasure. Such need for instant gratification besiege people and make them to chase flimsy immediate gratification by abandoning awesome benefits awaiting them in long term. Studies indicated that such needs are among predictors of health and financial problems. Drug addiction, eating disorder, financial crisis and compulsive buying are the frequently sited problems associated with inability to delay gratification. Ability of delaying gratification on the other hand is among predictors of important life outcomes including good health, academic achievement and success. Nevertheless, people are different in their level of resisting temptation of attaining immediate goal. Thus, in this review an attempt is made to get deeper understanding on the possible predictor variables of impulsivity and measurement methods associated with it. Apart from what is frequently studied predictors, in this review, an attempt was made to see the role of external and contextual variables like parenting style, birth order and religiosity on delay of gratification. In line to this, I tried to address the consequences of chasing immediate gratification and some methodological issues regarding studies conducted in addressing gratification.