Psychrophiles are organisms living in extremely cold conditions within the temperature range of -20°C to +10°C. These organisms survive in harsh environment by modulating their genetic make-up to thrive in extremely cold conditions. These cold-adaptations are closely associated with changes in the life forms, gene expression, and proteins, enzymes, lipids, etc. This review gives a brief description of the life and genetic adaptations of psychrophiles for their survival in extreme conditions as well as the bioactive compounds that are potential antimicrobials.