Severe acute respiratory syndrome coronavirus 2(SARS-CoV-2) might have originated from the recombination of a Pangolin-CoV-like virus with a Bat-CoV-RaTG13-like virus and then transmitted to the human at Wuhan city of China. On February 11, 2020, the WHO announced a name for the new coronavirus disease as COVID-19. Finally, the WHO declared the novel coronavirus outbreak a global pandemic on March 11, 2020. Within a few months, SARS-CoV-2 had spread across the world in 220 Countries, areas or territories. The main objective of this work is to review the existing knowledge about COVID-19, its updated status, available treatment procedures and future challenges. The available literature based on the COVID-19 was thoroughly reviewed and concise evidence-based information was explored for the public interest. Various authentic databases like PubMed, Scopus, and Google Scholar together with the official sites of some Govt. Organizations were carefully searched for all relevant information about the current status of COVID-19 including the published research on coronavirus. More than 68 million people are already infected including around 20% severely ill with almost 1.5 million casualties due to this virus and expected to infect approximate 70% population worldwide. Currently, maximum confirmed cases and death are reported in the USA. The epicentre of the pandemic was initially shifted from China to Europe then to the USA, Brazil and now India. In between, understanding of pathogenesis and mode of transmission has been developed; repurposing drugs are being validated and development of a new vaccine is underway. The study concludes that there is no established treatment available for COVID-19, although 26 clinical and 139 preclinical trials are underway to develop vaccines globally. Although three vaccines are in advance stage of development, their efficacy and adverse effect yet to be validated and recorded. Recently, Pfizer vaccine has been started vaccination for emergency uses in England and Bahrain, and the United State of America will start it soon. Meanwhile, prevention, rigorous global containment and quarantine efforts are practiced worldwide to control its spread.