Biocatalysts are the backbone of bioprocessing industries that are going through a phase of transition with reference to the requirement of extraordinary enzymes for various biochemical processes. This transition is well reported and documented by various researchers through elucidation of different features and applications of mesophilic and thermophilic enzymes. However, there is little information available about psychrophilic enzymes and their involvement in industrial processes. Therefore, understanding the features and functions of psychrophilic enzymes could suggest some of their novel applications in various industries such as food, agriculture, chemicals, pharmaceuticals, and waste management etc. Currently, different industries are looking for such novel psychrophilic enzymes to develop efficient biochemical processes that will help to reduce the reaction time, lower the energy inputs and as well as be eco-friendly. These bioprocesses will help to increase the profit margin by reducing the overall cost of the final products. This review article will provide new insights in technical and scientific analysis of psychrophilic microbes, their enzymes and low energy biochemical processes that are useful in various industries for the production of valuable products. It will also further strengthen the understanding of academia and industry about these ubiquitous biocatalysts.