The aim of this paper is the description of the optical emission spectral features of the plasma produced by laser matter interaction from a fundamental point of view. The laser induced plasma emission spectra are discussed in connection with the basic mechanisms that take place in the plasma phase at different time delays from the laser pulse. Being the laser induced plasma a dynamics system, the hierarchy of the elementary mechanisms changes continuously because the electron number density and the electron temperature decrease during the expansion. As a consequence of this, along the plasma's persistence time, the prevailing emitting species changes from ions to atoms and from atoms to molecules. Both atomic and molecular emission spectroscopy are discussed to convey a complete description of temporal evolution of the laser induced plasma. Current literature, as well as the traditional plasma's theories, are presented and discussed in order to give to the reader a general idea of the potentialities and of the drawbacks of emission spectroscopy for the study of laser induced plasma and the of the various applications.