Conventionally, the CFC-type refrigerants were used until Montreal Protocol which stated that CFC refrigerants cause ozone depletion and should be replaced with alternative refrigerants. The alternative refrigerants are safe for ozone but they have comparatively high flammability, toxicity and global warming potential. Thus they need careful handling. In Kyoto Protocol, it was stated that the currently used refrigerants with high global warming potential need to be replaced with yet other alternative refrigerants with low global warming potential. This paper comprehensively reviews those recent studies that focused on the possible replacement of currently in-use refrigerant with a comparatively more environmental-friendly alternative refrigerant. Initially, the progression of refrigerants through different generations has been described and discussed. A list of currently in-use refrigerants has been presented. Then, the scientific developments for the replacement of listed refrigerants are thoroughly reviewed and critically analyzed. From the comprehensive review, it was found that R1234yf has the most potential to be a suitable low-flammable replacement for R134a for domestic refrigeration and automotive air-conditioning systems. Also, R32 has the most potential to be a suitable alternative of R410A.