This paper presents a robust literature review on the subject of Virtual Reality and its use in training and educational systems. Firstly, the beginnings of Virtual Reality are presented, then, advantages and disadvantages of virtual reality environments are described. Various characteristics of Virtual Reality are highlighted, which have positive or negative influence on learning or training ability of individuals. It is shown how various organizations could benefit from using virtual reality in their daily activities. Such aspect as sense of presence is also described, which has tremendous effect on how subjects perceive information in virtual world.