Innovations in industrial automation, information and communication technology (ICT), renewable energy, monitoring and sensing fields have been paving the way for smart devices, which can acquire and convey information to the internet, in every aspect of our lives. Since there is ever-increasing demand for large yet affordable production volumes for such devices, printed electronics has been attracting great attention in both industrial and academic research. In order to understand the potential and future prospects of the printed electronics, the present paper summarizes the basic principles and conventional approaches while providing the recent progresses in the fabrication and material technologies, applications and environmental impacts.