This paper attempts to discuss the prominence and impact of Wavelet Transform and its core applications based on its striking features and to state properties and other special aspects of it. Various types of wavelets, their variations and applications in signal/image processing are reviewed. Wavelet Transform has erupted as a means of revolutionizing the world of transform domain. In this paper, thorough analysis on various types of wavelet transform for beginners, to get acquainted with and to explore their interest is presented. A survey on privileged areas in radar, Fingerprint image authentication, biomedical image processing is presented. This transform is a promising tool to redefine the probabilistic and statistical analysis of numerical series, image compression musical tones and denoising data. © 2006-2016 Asian Research Publishing Network (ARPN).