Leukoplakia is the most common pre-cancerous lesion of the oral cavity with high incidence of malignant transformation. Several risk factors including tobacco usage and alcohol consumption leads to formation of leukoplakia and cytogenetically altered keratinocytes, arising from pre-cancerous oral epithelium results in its malignant transformation. Surgical excision and antioxidant therapy are the preferred line of treatment of oral leukoplakia. This review attempts to highlight various aspects of leukoplakia from its formation to diagnosis and treatment with the aid of various recent literatures available.