Food industry and researchers have to engage in the production of novel and beneficial ice cream because of a rising interest in foods that enhance human nutrition and health. Now-a-days people are more interested in the nutrient-rich foods along with enhancing flavors. Consumers of all ages prefer ice cream as an appealing dairy product. An enriched dairy product that has been frozen before serving is called ice cream. It is an interconnected system of both solid and liquid microcrystals. Since ice cream is the most popular frozen product, it has a significant chance of benefiting individuals in altering their diets by modifying the nutritional properties of ice cream. Additionally, it provides necessary and helpful components along with pleasing flavor and taste. However, the sensory properties and storage stability must not be compromised by the reduced amount or omission of typical ice cream ingredients. Each ingredient plays an important role in the formulation of an ideal ice cream. At present, a large number of flavored and innovative ice creams are available in the market. Various new studies have resulted in the positive impact of ice cream incorporated with nutritive components. Thus, the current review focuses on the recent advances taken place in the making of ice cream along with the modification in nutrients for nutraceutical applications.