Lichens are a type of whole organism that is interconnected by symbiosis. In this symbiotic relationship, one organism is algae while the other organism is a fungus, which live together. They grow in various places such as on the walls, roofs, bark of tree, gravestones, rocks, and soil etc. They produce a number of phytochemicals and crude extracts of medicinal potential as well as economic values. Wide medicinal impacts include antibiotic, antibacterial, antifungal, antiviral, insecticidal, anthelmintic, antiproliferative, antipyretic, anti-inflammatory, etc. In present scenario of eco-preservation, the interest in the development of methods for extractions and applications of secondary compounds of economically viable from natural resources with more liability gains increased attention worldwide, due to their explored applicability in various applied sectors. This chapter deals with the description on lichen's historical background and their economic viabilities of lichens in several vistas.