Yamanaka and Takahashi’s astonishing discovery in 2006 revolutionized the world of stem cells. Simplicity and reproducibility of IPSC’s cells opened doors for extensive therapeutic advancements and potential clinical trials particularly in the field of Regenerative medicine. In 2012, nobel prize was presented to both researchers for the breakthrough in reprogramming somatic cells to a pluripotent state with the expression of “Yamanakas cocktail” of OKSM quartet transcription factors: sex determining region y box2 (sox2), octamer binding transcription factor4 (oct4), krupple like factor (klf4) and myelocymatosis oncogene (c-myc). Rationale of iPS use is attributed to its unlimited cell source circumventing ethical hindrance. This comprehensive review will summarize mechanisms of IPS production and cell therapy applications. Moreover, appreciate the improvements and initiatives in iPS technology, scrutinize the scientific claim of indistinguishable resemblance of iPS and eSC, evaluate the constraints during iPS manipulation and analyze safety of these pluripotent cells in clinical scenarios.