Food irradiation is one of the most extensively and thoroughly studied methods of food preservation. Despite voluminous data on safety and wholesomeness of irradiated foods, food irradiation is still a “process in waiting.” Although some countries are allowing the use of irradiation technology on certain foods, its full potential is not recognized. Only 37 countries worldwide permit the use of this technology. If used to its full potential, food irradiation can save millions of human lives being lost annually due to food‐borne diseases or starvation and can add billions of dollars to the world economy. This paper briefly reviews the history and chemistry of food irradiation along with its main applications, impediments to its adoption, and its role in improving food availability and health situation, particularly in developing countries of the world.