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Ultrawideband (UWB) systems offer a unique solution to attain high-speed shortrange wireless communication and high precision location applications. Designing an UWB antenna with optimal characteristics is a major challenge because it needs to cover broader bandwidth, stable gain, good time-domain characteristics, and impedance matching over operational bandwidth. From the last decade, UWB technology is one of the key components of the research area and a lot of UWB antennas are designed and developed. The proposed paper highlights the promising applications and design challenges associated with the UWB antenna. It narrates the implications in developing planar UWB antenna and fine-tuning its parameters. The challenges, future perspective and wide range of UWB antenna applications are also discussed in this paper to make it useful for further research.