Earth is the only known inhabited planet in the universe to date. However, advancements in the fields of astrobiology and observational astronomy, as also discovery of large varieties of extremophiles with extraordinary capability to thrive in harshest environments on Earth, have led to speculation that life may possibly be thriving on many of the extraterrestrial bodies in the universe. Coupled with the growing number of exoplanets detected over the past decade, the search for the possibility of life on other planets and satellites within the solar system and beyond has become a passion as well as a challenge for scientists in a variety of fields. This paper examines such possibility in the light of findings of the numerous space probes and theoretical research undertaken in this field over the past few decades.