After being discovered in 1956, Exchange Bias effect has invoked the interest of many researchers, which apparently increased after emergence of its versatile application related to giant magneto resistance, spintronics and its use in magnetic sensors and as stabilizers in magnetic reading heads. This review primarily focuses on understanding the phenomenon of Exchange Bias Effect and its evolution throughout these years. Here, we have discussed the different combinations of materials that exhibit this effect, the techniques used. In addition to various theoretical models devised till date, different applications and some unresolved problems associated with Exchange Bias Effect.
