Laccases are an interesting group of multi copper enzymes, which are widely distributed in higher plants and fungi. In fungi, laccase is present in Ascomycetes, Deuteromycetes, Basidiomycetes and is particularly abundant in many white-rot fungi that degrade lignin. The ability of the laccases to act on wide range of substrates has made them very important in many of the biotechnological applications. They have wide temperature and pH activity range. Their large capacities to act on both phenolic and non-phenolic lignin related compounds as well as highly recalcitrant environmental pollutants helped researchers to put them in various biotechnological applications like detoxification and de-colorization of industrial effluents, waste water treatment. They can also be used effectively in paper and pulp industries, textile industries for various applications and they do stand as efficient tool for bioremediation. Hence laccases have received a greater attention of researchers around the globe. This study comprehensively reviews the appreciative work done on these microbial laccases.