In 1956, (±)-thalidomide was introduced into the market in Europe as sedative and drug for morning sleeping sickness which resulted into a tragedy called thalidomide tragedy (softenon drama) due to its teratogenic effects in newly born babies. Thalidomide was banned all over the world due to this havoc, which was a big breakdown in the history of this drug. But, in 1998 it resurged after US, FDA approved it for treating Erythema Leprosum Nodosum (ENL). Besides, recently thalidomide and its derivatives showed remarkable property for controlling several malignancies. Thalidomide and its analogues have been used for treating metastatic prostate cancer, multiple myeloma, HIV-related ulcers, Kaposi's sarcoma, weight loss and body wasting associated with HIV. The present article describes the sate-of-art of thalidomide applications with special emphasis on pharmacology, pharmacokinetics, breakdown in the history, break through and resurgence, potential future anticancer drug, potencies of thalidomide vs its analogues, mechanism of anticancer action, different stages and toxicity management. Besides, efforts were also made to predict the future perspectives of thalidomide and its analogues.