Bug tracking system plays major role in identifying bug in various software system. Present paper underlined the importance of bug tracking system in the field of software development and had also identified the various drawbacks of the current bug tracking system by exploring the various literatures and research papers published up to year 2014. Various recommendations and suggestions have also been provided after analyzing the obstacles faced by developers and users due to functioning of current bug tracking system. An extensive survey is presented in this regards and the provided analysis is truly based on what have been analyzed s in context with bug tracking system.