Transition of a crystalline substance from one kind of structural arrangement of atoms to another as a function of external actions such as pressure and/or temperature without any change in composition, described as polymorphism, is a well-known phenomenon. Recent endeavours have led to systematic studies on a series of liquids and solids, yielding clear proof of first order transition in several cases and indications of such iso chemical transformations in various other liquid or solid substances. This article presents a current scenario of what is happening in this area and also lists some of the common features of the candidate species and discusses possible applications of polymorphism in materials science and technology.