Nowadays, Li-Fi is becoming very popular and catching the interest of a number of users with its advanced technology-based features. It brings a new resolution in the wireless communication and people are showing so much curiosity to know about it. Li-Fi is an optical wireless communication-based technology which transmits data over the network through a light source like LED’s instead of radio frequency signals (RF) with very high data rate. The aim of this paper is to give full- fledged knowledge about Li-Fi & its applications. This paper also attempts to clarify the basic difference between wireless technologies and their evolution & how this new technology is leading all over the world with its features like less power consumption, less requirement of maintenance, & bi-directional in nature. Li-Fi eliminates the effect of harmful radiations that occur due radio signals as in Wi-Fi and has less latency rate. This paper gives an overview and the general idea about working on Li-Fi technology and how it will help in the development of bright future as it is beyond the expectations of end users.