Laser-induced breakdown spectroscopy (LIBS) is a very active field of research in the analytical science. A high-energy laser is focused on the sample material (solid, liquid, or gas), and the atomic emission from the expanding plasma plume that is formed during the laser-matter interaction provides valuable information about the composition of the target material. LIBS has proved its potential application in the analysis of impurities and pollutants in various types of matrices in samples, even those present under difficult and harsh environmental conditions. The beauty of this technique is that it does not require sample preparation and can be operated remotely. This article reviews the basic principles of LIBS, some recent developments in the field, and its wide application in various fields of research and analysis. Most of the measurements of solid samples (Aluminum alloy) were conducted using a fiber assembly that is capable of both delivering the laser light to the sample and collecting the light emitted from a laser-produced plasma spark. The calibration curves for various elements in aluminum alloy were obtained along with its limit of detection. An external steady magnetic field has been used to enhance the sensitivity of LIBS in the case of liquid samples containing Mn, Mg, and Cr, which are surrogate to the radioactive element technetium, a product of the nuclear fuel cycle. Nearly one-and-a-half to two times enhancement in sensitivity was noted along with an increase in the signal-to-background ratio in both liquid and solid samples. This system was also found useful in environmental monitoring with the help of air-sampling filters. In a study on the presence of various toxic metals (Pb, Be, Cd, and Cr) added to the atmosphere, LIBS was used as a multimetal continuous emission monitor. Finally, its application in the health monitoring of rocket engines has also been discussed.