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With the advancements in the field of biotechnology and genetic engineering a totally new dimension have been developed. It had become possible, by genetic manipulation of genes obtained from one species to another to produce transgenics -having resistance to both biotic and abiotic stresses, which have been also proved to yield higher crop productivity. Proper standard to regulate the genetically modified foods have not been developed yet, although bioengineers have begun creating hundreds of new genetically engineered crops. Their impact on human being and environment had not been scientifically carried out. This review paper provides some aspects of genetically modified foods with their benefits, hazards and future prospects. [ABSTRACT FROM AUTHOR]