Background: Omicron, the new Covid-19 variant, has already become dominant in many countries and is spreading at an unprecedented speed. The objective of this study was to review the existing literature on Omicron’s transmissibility, immune evasion, reinfection, and severity.Method: A literature search was performed in “PubMed”, “Web of Science”, “Scopus”, "ScienceDirect", “Google Scholar”, “medRxiv”, and “bioRxiv”. Data were extracted from articles that reported at least one of transmissibility, immune evasion, reinfection, and severity related to Omicron.Findings: We found that Omicron spreads faster than any other previous variants. This higher transmissibility can be ascribed to its more extraordinary ability to evade immunity developed by both vaccinations and previous infections. However, we found that infections by Omicron are significantly less severe compared to infections by Delta and other previous variants. We observed a significantly lower incidence of hospitalization, intensive care unit, and mechanical ventilator use, a shorter median hospital stay, and lower fatality rates in Omicron infections than Delta and other variants.Conclusion: Omicron might be less severe than other VOCs. However, its immune evasiveness and faster spread pose an enormous threat to the global healthcare system.