Ribonucleic acid (RNA) is a most versatile nucleic acid involves in several cellular metabolic events and plays a significant role in various molecular maneuvers. Recent advances in molecular biology, material sciences and nanotechnology have helped and contributed immensely to understand and decipher RNA’s mechanism as well as exploitations of its noteworthy applications in many biological disciplines. RNA interference (RNAi) is a novel natural phenomenon first reported in plants and later on in other organisms has changed the scenario of RNA research substantially. Considerable progress has been accomplished in plant improvement using RNAi technology. This technology has been judiciously employed in overcoming various deadly human diseases in which effective remedies have been formulated. Protection of genome by RNAi and RNA switches are another focused areas of research currently being pursued vigorously. Additionally, RNA sequencing and RNA technology are emerging as new avenues of investigations currently being studied extensively. Practical demonstrations of the products based on RNAi technology mainly in medicines are continuously increasing indicating its applied feasibility without any doubts. This review highlights these multifaceted activities of this wonderful nucleic acid present in the living organisms.