Self-healing polymers (SHP) are the polymers that have the capability to recover the material from any physical damage by responding to the damages or cracks in the material and heal the same. This self-healing technology gives the polymers ability to recover from the cracks at an early stage by preventing them from any catastrophic failures, which increases the scope of applications of these materials. This review article highlights the key points on extrinsic self-healing polymer and intrinsic self-healing polymer by comparing their healing efficiency, advantages, disadvantages, and challenges in the prospect of their future development as well as their possible applications in space industry and construction of roads.