Due to the increasing attention of the depletion of fossil fuel resources and environmental issues, biodiesel became more crisis in the recent years. Biodiesel development is a promising and important field of research because the importance it gains from the rising petroleum price and its environmental advantages. This paper reviews the different types of biodiesel, different methodologies used for production of biodiesel, the characteristics and processes of biodiesel. The major application of biodiesel in automobile industry, the challenges of biodiesel industry development and the biodiesel standards are discussed as well. Biodiesel is prepared by a two-step process of esterification and transesterification from various oil with methanol in the presence of catalyst. Acid catalyst is used for the esterification and Base catalyst (KOH) for the transesterification reaction. The properties of biodiesel vary depending on the feedstock, vegetable oil processes, production methods and degree of purification. The objective of this study is to develop the mathematical relationships between viscosity, density, calorific value and flash point among various biodiesel samples. There is a high regression between several properties of biodiesel and the relationships between them are observed to be considerably regular. The fuel properties such as density, flash point, Kinematic viscosity, Calorific value are found out for different biodiesel and the properties are compared with diesel.