World petroleum residue processing capacity has reached about 725 million metric tons per annum (MMTPA). The high demand for transportation fuels and the ever-rising heavy nature of crude oil have resulted in a renewed interest in the bottom-of-the-barrel processing using various conversion processes. Delayed coking, known for processing virtually any refinery stream (which not only poses a serious threat to environment, but also involves a disposal cost) has garnered tremendous importance in the current refining scenario. Needle coke obtained from delayed coking process is a highly sought-after product, which is used in electric arc furnaces (in the form of graphite electrodes) in steel making applications. In the present communication, the published literature has been extensively analyzed and a state-of-the-art review has been written that includes: (1) importance and place of delayed coking as a residue upgrading process in the current refining scenario; (2) coking mechanism and kinetics; (3) design aspects; (4) feedstocks suitable for the production of needle coke; (5) characteristics of needle coke; (6) factors affecting needle coke quality and quantity; and (7) future market for needle coke. An attempt has been made to get the above-mentioned aspects together in a coherent theme so that the information is available at a glance and could be of significant use for researchers and practising refiners.