Indole and its derivatives have engaged a unique place in the chemistry of nitrogen heterocyclic compounds. The recognition of the plant growth hormone, heteroauxin, the significant amino acids, tryptamine & tryptophan and anti-inflammatory drug, indomethacine are the imperative derivatives of indole which have added stimulus to this review work. Isatin (1H-indole-2,3-dione), an indole derivative of plant origin. Although it is a naturally occurring compound, but was synthesized by Erdmann and Laurent in 1840 before it was found in nature. Isatin is a versatile precursor for many biologically active molecules and its diversified nature makes it a versatile substrate for further modifications. It is concerned in many pharmacological activities like anti-malarial, antiviral, anti-allergic,... antimicrobial etc; isatin and its derivatives have been also found to demonstrate promising outcomes against various cancer cell lines. This review provides a brief overview on the recent advances and future perspectives on chemistry and biological aspects of isatin and its derivatives reported in the recent past.