Bose–Einstein condensation is a state of matter known to be responsible for peculiar properties exhibited by superfluid Helium-4 and superconductors. Bose–Einstein condensate (BEC) in its pure form is realizable with alkali atoms under ultra-cold temperatures. In this paper, we review the experimental scheme that demonstrates the atomic Bose–Einstein condensate. We also elaborate on the theoretical framework for atomic Bose–Einstein condensation, which includes statistical mechanics and the Gross–Pitaevskii equation. As an extension, we discuss Bose–Einstein condensation of photons realized in a fluorescent dye filled optical microcavity. We analyze this phenomenon based on the generalized Planck’s law in statistical mechanics. Further, a comparison is made between photon condensate and laser. We describe how photon condensate may be a possible alternative for lasers since it does not require an energy consuming population inversion process.