Tunnel field effect transistors (TFETs) offer a solution to the concerns that accompanied conventional Metal Oxide Semiconductor Field Effect Transistors (MOSFETs) as a result of its continuous downscaling. Short channel effects, limitation of minimum (60 mV/decade) subthreshold swing (SS) at room temperature and high OFF current hindered the improvement of the performance of MOSFET devices. TFETs which are based on band to band tunneling (BTBT) mechanism, breaks the physical limits of 60 mV/dec subthreshold swing and operate with low power consumption. Consequently, TFET is considered as an excellent choice for designing ultra-low-power circuits with low leakage current. This review paper shows a general overview about TFET device demonstrating its physics, working principle, advantages, disadvantages and performance parameters. Additionally, various methodologies of analytical modeling and numerical simulation of TFETs are discussed for various TFET structures with different materials. Finally, various applications based on TFET and recent possible TFET structures are described.