Recently, UWB (Ultra Wide Band) has attracted a lot of attention and become one of the most promising successor for short-range wireless communication technologies. The project aims to provide a extensive knowledge about this potential technology. Not only giving a introduction, we also compared advantages and disadvantages of UWB technology with currently used standards like 802.11a/b/g, 2G Cellular, Ethernet, Bluetooth, FastEthernet in terms of power consumption, spectral density, robustness against multipath and penetration capability, data rate in short distance, carrier-less transmission, etc. Additionally, we examine current applications and potential commercial uses of UWB in the future as an evidence for the versatile of this technology.