Highly evolved biocatalysts that can endure harsh environmental conditions during industrial processes are highly desirable. The availability of suitable biocatalysts with high enzyme activity, substrate selectivity, and stability could lower the production costs in the pharmaceutical, chemical, and food industries, resulting in more economical products. Naturally evolved enzymes could not be exploited in industrial applications because of their compromised properties. Till date, protein engineering strategies have helped us improve the desired physical and catalytic properties of enzymes to meet their performance needs in industrial and medical applications. Protein engineering technologies such as directed evolution and rational redesigning are well-suited for improving bio-catalytic properties. Each approach has its own set of limitations, and the implementation of techniques is contingent on the availability of prerequisite information about the biocatalyst. Protein structure information is essential for rational design, but no prior structural knowledge is required for directed evolution. Furthermore, semi-rational approaches and enzyme designing are also being used. Considering these facts, this study outlines the various molecular techniques used to improve the physical and catalytic properties of enzymes. It also emphasizes the magnitude of particular strategies used to improve the properties of biocatalysts to meet the needs of industrial processes.