From immeasurable time, microorganisms evolved and accumulated everywhere despite of variations in pH and temperature. Remarkable physiological and functional heterogeneity of microorganisms make them major resource for bioprospection of industrial enzymes. This review describes the cold active alkophilic proteases that can work in extreme conditions of low temperature and high alkalinity, produced by a wide range of psychrophilic and psychrotrophic microorganisms. Different biochemical properties and cloning strategies affecting the production of cold active alkophilic proteases are discussed which enable selection of promising organisms for industrial production, and exploration of cold active alkophilic proteases in diverse industrial applications is highlighted.