Due to the extensive fondness of layer-structured materials in electronic applications, black phosphorus (BP) has been found in 1960 having great carrier mobility as well as a fundamental band gap. Phosphorene, which is the mono- or few-layer formation of black phosphorus, was lately figured out as a 2D layered material with inspiring prospective applications in multidisciplinary fields such as electronics and optoelectronics. However, there is still a need for developing its fundamental properties, sophisticated design schemes, and growth techniques. This review highlights the recent evolution in phosphorene studies, particularly on the synthesis methods, properties, and applications. Additionally, the main challenges relative to phosphorene investigations are addressed briefly. The anisotropic properties of phosphorene including electronic, mechanical, optoelectronic, and thermo-electric arising from its unique puckered structure unlike those of graphene and transition-metal dichalcogenides (TMD) are deliberated particularly. This review suggests the attractive 2D material provides wonderful opportunities for novel research works. Furthermore, it highlights the synthesis, characterization and applications of black phosphorus, including its challenges and future outlook. Copyright (C) 2016, Hydrogen Energy Publications, LLC. Published by Elsevier Ltd. All rights reserved.