Oxadiazole is a five membered heterocyclic ring which is a versatile lead compound for designing potent bioactive agents. This interesting group of compound has diverse biological activities such as antimicrobial, anti-inflammatory, antitubercular, anticonvulsant, anticancer, anti-HIV, hypogycemic and genotoxic. Given data represents that oxadiazole being heterocyclic planar five membered ring system have various pharmacological actions. Results of various derivatives of different oxadiazole and their substitutions are reviewed in present article. Various methods for synthesizing oxadiazole are discussed with their pharmacological actions. These derivatives of oxadiazole are analysed here for varying pharmacological activities.