Over the past quarter of a century, researchers have poured a lot of time and energy into studying MAX phases, a huge family of materials with over 150 distinct compositions. Their groundbreaking combination of metallic and ceramic qualities and distinctive layered structure are astounding. Despite its interesting features, like self-healing fissures, MAX phases’ mechanical, electrical, and thermal conductivity properties are quickly assessed. Nuclear accident-resistant at-risk fuel cladding systems (ATFCS) are one of the numerous potential uses for MAX phases. Its catalytic activity is attributed to its unusual combination of MAX phase defects, oxygen vacancies, and extremely thin oxide surface layer. Thanks to its optical properties, resistance to MAX phase conditions, and lack of structural or lattice oxygen and noble metals, it is an attractive candidate for CSP systems. Possible optimal hosts for lithium storage could be layered MAX phases with metallic conductivity. Heat exchangers made of MAX phase have been the subject of research. This Review article discussed the various types of structures, properties, and applications of the MAX phase like self-crack healing, Thermal conductivity, electrical and mechanical properties, and applications like Catalysis, Electrochemical, nuclear, and joining high-temperature heat transfer applications.