Phosphorene has recently gained tremendous interest in the current decade, specifically, black phosphorus monolayer, a unique 2D material, investigation of which has led toward the creation of new scientific discoveries for future optoelectronic sensor devices. Beyond the success of graphene and other 2D layered materials research over the past decades, the increased interest toward this new emerging single-element structured material is because of its layer dependent 0.3–2.0 eV band gap modulation range which is also the band gap modulation range of single- and few-layered graphene and transition metal dichalcogenides (TMDs). Besides that, phosphorene allows strong light-matter interactions at resonance because of its unique physical structure and outstanding electrical and optical properties. Therefore, current advancements are being done to enhance the performance of phosphorene thin films because of its applicability in different fields. This paper is aimed to highlight key properties, applications, and future perspects and challenges incurred regarding the use of 2D layered phosphorene.