The 3-Nitro-1,2,4-triazole-5-one (NTO) is a high energydensity materials of keen interest for both commercial and scientific worlds owing to its reduced sensitivity, better thermal stability and high performances. It plays a significant role to replace the current energetic ingredients. In this review, we summarize various strategies involved in the synthesis of NTO as well as the existing approaches to tailor its particle morphology and sizes. The most prominent properties of NTO, such as insensitivity and performance, which are usually required to produce efficient formulations,have been concisely discussed. In addition, this overview reports on some newer forms of NTO including derivatives and co-crystals available inthe literature, which can enhance the NTO features and extend its applications. The advantages and shortcomings of various NTO forms for specific and potential use are also highlighted together with the attempts made to overcome these issues. Therefore, efforts will certainly continue to improve characteristics and performances of NTO either by chemical modification or by co-crystallization in order to produce promisingformulations for widespread applications in the near future.