The recently discovered third allotrope of carbon the fullerenes, are a subject of very active research, particularly for chemists. They have a closed-cage structure, made by interlocking pentagonal and hexagonal panels, and are the only soluble form of carbon. In this review an attempt has been made to summarize ongoing fullerene research. The review covers methods of fullerene production and separation, mechanisms leading to closed-cage structure formation, structural characterization, reaction chemistry, and applications of this novel material The emerging directions of research are also discussed.