Proteases are a group of large complex enzyme molecules that perform highly focused proteolysis functions. A vast quantity of the protease enzymes is predominantly sourced from microbial fermentation process, although proteases tend to natively present in plant, animals and humans. Proteases possess a pervasive importance in medical and pharmaceutical sector, because of its enriched specificity towards biomolecules. They are also actively encompassed in regulating certain physiological pathways. A distinct territory of human disorders is treated by substrate specific proteases. Enormous numbers of catalytic activities in habitual metabolism process of a living organism are protease dependent. Pilot scale researches and product development in industrial biotechnology sectors are wholly based on any one of the protease enzymes. The applications of the protease enzymes and its economic benefits of being an eco-friendly material are far-reaching. This review presents a brief overview on the classification and sources of various types of proteases. We describe the essential evidences of role of protease in different sectors. The proteases could be a potential relieves to harmful synthetic chemicals in distinctive industrial processes and thus gains global perception.