Cholesteric Liquid Crystals (CLCs) exhibit unique features of supramolecular periodic helical structure and chirality in molecules. The chiral structure of CLCs enables them to reflect the incident light, resulting in brilliant colors selectively. Under the influence of external stimuli, the order of magnitude of the helical pitch gets modified. These modifications alter the physical properties of system that are used in various applications. This chapter presents a comprehensive study of the combined theoretical and applied aspects of dielectric and electro-optical properties of chiral nematic. The special attention is devoted to the optical properties of nanoparticles dispersed CLCs and other dopants in CLC system with a focus on their applications in optical shutters, photonics, and switchable mirrors. Furthermore, this chapter aims to gain collaborations between physicists and engineers to integrate novel chiral photo switches, shutters, and the development of optical materials, including display technology, biomedical imaging, and optical communication systems.