A review of modernization and growth of ground based optical and near-infrared astrophysical observational facilities in the globe attributed to the recent technological developments in opto-mechanical, electronics and computer science areas is presented. Hubble Space Telescope (HST) and speckle and adaptive ground based imaging have obtained images better than 0.1 arc sec angular resolution bringing the celestial objects closer to us at least by a factor of 10 during the last two decades. From the light gathering point of view, building of large size (> 5meter aperture) ground based optical and near-infrared telescopes based on latest technology have become economical in recent years. Consequently, in the world, a few 8-10 meter size ground-based optical and near-infrared telescopes are being used for observations of the celestial objects, three 25-40 meter size are under design stage and making of a ~ 100 meter size telescope is under planning stage. In India, the largest sized optical and near-infrared telescope is the modern 3.6-meter located at Devasthal, Nainital. However, the existing Indian moderate size telescopes equipped with modern backend instruments have global importance due to their geographical location. Recently, the Government of India approved India's participation in the Thirty Meter Telescope (TMT) project.