From theoretical model to experimental realization, the bound state in the continuum (BIC) is an emerging area of research interest in the last decade. In the initial years, well-established theoretical frameworks explained the underlying physics for optical BIC modes excited in various symmetrical configurations. Eventually, in the last couple of years, optical-BICs were exploited as a promising tool for experimental realization with advanced nanofabrication techniques for numerous breakthrough applications. Here, we present a review of the evolution of BIC modes in various symmetry and functioning mediums along with their application. More specifically, depending upon the nature of the interacting medium, the excitations of BIC modes are classified into the pure dielectric and lossy plasmonic BICs. The dielectric constituents are again classified as photonic crystal functioning in the subwavelength regime, influenced by the diffraction modes and metasurfaces for interactions far from the diffraction regime. More importantly, engineered functional materials evolved with the pure dielectric medium are explored for hybrid-quasi-BIC modes with huge-quality factors, exhibiting a promising approach to trigger the nanoscale phenomena more efficiently. Similarly, hybrid modes instigated by the photonic and plasmonic constituents can replace the high dissipative losses of metallic components, sustaining the high localization of field and high figure of merit. Further, the discussions are based on the applications of the localized BIC modes and high-quality quasi-BIC resonance traits in the nonlinear harmonic generation, refractometric sensing, imaging, lasing, nanocavities, low loss on-chip communication, and as a photodetector. The topology-controlled beam steering and, chiral sensing has also been briefly discussed.