Electroactive polymers (EAPs), when subjected to electrical stimuli, undergo physical deformations. These polymers are broadly classified as electronic and ionic electroactive polymers, depending on the mode of transport of charges when the electric stimulus is applied. They are further classified into subcategories based on the way a particular material responds to electrical stimuli, and due to this diversification, EAPs find applications in many sectors. In this paper, the classification of Electroactive polymers is explained along with applications in a) Drug delivery due to biocompatibility, b) Actuators & sensors due to generation of high strain and adequate sensitivity to the electric field, c) Artificial muscles due to their low density and high strain capability, d) Coatings due to anticorrosive properties of conductive EAPs, e) Energy harvesting, are briefly discussed.