Coal is the major source of energy in India and because of its poor quality, nearly hundred million metric tons of fly ash is generated annually from thermal power plants. Hence, the disposal of such a huge quantity of fly ash is the major environmental concern. Though the fly ashes are generated in large quantities, only a very minimum of it is utilised and the rest is being dumped in ash ponds. Fly ash mainly consists of silica, alumina, oxides of iron, calcium, magnesium and heavy metals in traces. The disposal of fly ash in ash ponds and landfills may cause soil and ground water pollution. This paper deals with a detailed review on utilisation of fly ashes in various fields and extraction of valuable products from it. Previous researchers have carried out studies on fly ash and its potential applications in different areas such as production of cement, manufacturing of bricks for construction purposes, road embankments and component in geopolymers. The fly ashes are also being utilised in the synthesis of zeolites, a low cost adsorbent in treatment of industrial wastewater. Also, the valuable products such as silica and alumina are recovered from fly ashes. However, the extent of extraction has not been investigated in detail. This review highlights the likelihood of recovery of the valuable products (silica and alumina) from Indian fly ashes. © EM International.