Plasma being the fourth and most abundant form of matter extensively exists in the universe in the inter-galactic regions. It provides an electrically neutral medium of unbound negative and positive charged particles, which has been produced by subjecting air and various other gaseous mixtures to strengthen the electromagnetic field and by heating compressed air or inert gasses for creating negative and positive charged particles known as ions. Nowadays, many researchers are paying attention to the formation of artificial Plasma and its potential benefits for mankind. The literature is sparsely populated with the applications of Plasma. This paper presents specific methods of generation and applications of Plasma, which benefits humankind in various fields, such as in electrical, mechanical, chemical and medical fields. These applications include hydrogen production from alcohol, copper bonding, semiconductor processing, surface treatment, Plasma polymerization, coating, Plasma display panels, antenna beam forming, nanotechnology, Plasma Torch, Plasma pencils, low-current non-thermal Plasmatron, treatment of prostate cancer, Plasma source ion implantation, cutting by Plasma, Plasma etching, pollution control, neutralization of liquid radioactive waste, etc. Resultantly, worth of Plasma technology in the medical industry is increasing exponentially that is closing the gap between its benefits and cost of equipment used for generating and controlling it.