Inflammation, allergy and asthma are the manifestation of multitude reactions of biological, cellular and immunological events. The various associated biological, cellular, and molecular events with inflammation, allergy and asthma participate to induce increased vascular permeability, vasodilatation, cellular migration, increased mucus secretion, broncho- constriction, structural changes of airway architecture, decline in pulmonary functions, release of intracellular mediators, increased formation of reactive oxygen species, cartilage degradation and loss of function. The participation of variety of effector cells viz. leukocytes, neutrophils, eosinophils, basophils, monocytes, macrophages, mast cells, dendritic cells, T-cells, B-cells, NK-cells, lead to cascade of events trigger of intracellular mediators (cytokines, chemokines etc.) activating diverse biological effects and immune responses. Eicosanoids are major precursors in cyclooxygenase and lipooxygenase pathways and play an important role in inflammation, allergy and asthma. Such biological and cellular events are further enhanced by stress related effects. The wide varieties of synthetic and natural compounds have been showed to act on different molecular targets (receptor, enzymes, mediators, and cells) involved in inflammation, allergy and asthma and to alter produce specific/definite therapeutic activity. The present review describes pathogenesis and etiological aspects of inflammation, allergy and asthma with few relevant patents which would be immensely useful for researchers in the field of immunology and molecular pharmacology to explore new avenues/strategies for development of new generation of therapeutically active agents for treatment of inflammation and allergic disorders.