Human quest for improving the natural capabilities of microorganisms, making them capable of novel processes, and discovering microorganisms with new capabilities has led to tremendous development, today referred to as modern biotechnological advances. This has led to the development of recombinant DNA technology, which allows modifying microbes and other organisms to create in them highly valuable, novel and naturally non-existent capabilities. R & D in areas such as stem cell, human genome, transgenic crops, etc. has made untreatable diseases to understand and control. However, research in many areas such as cloning, stem cell, etc. has also posed serious concern on ethical and societal issues, which if not taken proper measures, could be eventually very dangerous. This paper traces the significant biotechnology developments and their impact on human life with a futuristic approach.