This chapter provides a comprehensive overview of bistable cholesteric liquid crystals (CLCs), exploring its unique electro-optic characteristics and recent advancement in technological field. The chapter commences with a detailed introduction to CLCs, highlighting its helical structure and their associated thermal and optical properties. Furthermore, an analysis on bistability within CLCs is provided, that focusses on the existence of two distinct stable states and its implications for both natural and technological innovations. A substantial portion of the chapter emphasises on the role of chiral dopants in the formation of CLCs. Moreover, it discusses that how these chiral dopants influences the helical pitch and alignment of cholesteric molecules, thereby influencing the electro-optical characteristics and potential applications. It further delves into the optical properties of bistable CLCs, highlighting their potential for novel display devices. It also covers various techniques for inducing and controlling bistability in CLCs, including certain methods for tuning the pitch and alignment in CLCs. Some fabrication and characterization techniques are also discussed in detail to provide an insight of latest tools and techniques for analysing bistable CLCs system. By integrating theoretical insights with practical applications, this chapter serves as a critical resource for understanding the dynamic behaviour of bistable cholesteric liquid crystals and their impact on modern technology and material science.