This project is well organized review of new class of high-Tc superconductors i.e iron-basedrnlayered compounds such as ReOFeAs (Re is a rare-earth element), AFe2As2 (A = Ba, Sr, Ca),rnand LiFeAs, all of which are becoming superconducting with the current maximum Tc up torn55 K. The crystal and electronic structure, and magnatic properties all these compounds wererndiscussed. In this paper, the superconducting properties of such systems are reviewed in detail,rnincluding the dependence of Tc on the doping level, and external pressure.rnIn this project we discussed about the pairing symmetry and possible mechanism of superconductivityrnof iron based superconductors. we also discussed the progress and potentialrnapplication of iron based superconductors