Biological resources are very important as they safe our future food security. But advancement in technologies has changed the complexion of the present era. That's why we started realizing bioresources and economics as an integral part of our life. Soil fauna plays a very vital role in improving soil texture which help in creating enhanced condition for the growth of useful organisms to fight against plant disease. The success of soil or land reclamation depends upon identification of proper species suitable for different agro climatic zones of a country and their threshold number in a particular zone. Such practices are already a way to improve the quality of soil. Still we are allowing them to be destroyed. Among all soil faunas, no animal has potential as earthworm for human beings and his environment. These vermi-resources possess extensive and dynamic potential like waste recycling, biofertilizer generation, land restoration, and sustainable environment. Recently vermiresources technology is an ecological, economical, and socially acceptable technology of major importance to agriculture and the environment. The present review assesses species diversity, ecological categories and earthworm species used for waste material management, different methods of vermicomposting, characteristics of vermicompost, and their future prospects. Waste decomposition by vermiculture helps to recycle soil nutrients and convert waste into valuable resources.