The COVID‐19 pandemic caused by SARS‐CoV‐2 is a global health emergency. Investigation covering various aspects of diagnosis, treatment, and vaccine development for COVID‐19 are being attempted globally. Common goal of reducing loss of life requires accelerated and integrated effort from researchers of different fields i. e. chemistry, biology, clinical/medical science etc. Integrated yet timely effort requires the understanding of interdisciplinary key concepts as well as knowledge of major challenges, present status and strategies. Hence, in this article, we present an overview of baseline/key facts of SARS‐CoV‐2 mingled with current status and strategies in a simple, straight forward and coherent manner. In particular, the review attempts to integrate and arrange the key facts at the interface of chemistry and biology. Overview of epidemiology of SARS‐CoV‐2 virus infection, structural characteristics of virus, detection methods and therapeutic agents based on antibodies, therapeutic agents based on traditional drug molecule, drug development based on specific catalytic enzyme inhibitors, vaccine design approaches have been provided. Since enzyme site and catalytic action is the key for biological process, they have been lucidly explained at molecular level. It is believed that accredited information amalgamated in this report will provide a strong rational and lucid groundwork for the coherent interdisciplinary research to countermeasure covid‐19 crisis.