Electrospinning is the most versatile technology in use today, for the generation of polymer nanoscale fibers. The nano materials generated using this technology have a large surface area and are highly porous making it very useful in many applications in diverse fields such as energy storage, healthcare, biotechnology, environmental engineering, defense and security. The production of the fibers and the morphology can be easily controlled by modifications to the processing parameters. The relatively high production rate and simplicity of the setup makes electrospinning highly attractive. This review summarizes the effect of various processing parameters on the effective generation of nanofibers. By simple modifications to the electric field inside the electrospinning chamber the fiber collection can be easily controlled. In addition, the various applications of electrospun fibers in electronic devices, environmental sensors and filters, energy storage, and in biomedicine such as in tissue engineering, drug delivery and enzyme encapsulation are examined and the current research in each field is also explored in this review.