In this millennium world, the world is improving day by day and the technology is making the world smaller and globalized. Technology has been making a great impact on each of our life. Nowadays we can communicate to anywhere easily and the communication barriers are less comparing to what we had in late centuries. . That’s we call globalization. Globalization has also led to dependency in each other. Every one of us and our nations are depending on each other and all of us are in need of international help. Trade and transaction is being conducted by all the nations together. A single country or a person is not really could make a business or transaction by alone. To develop a country, that country depends on International monitory fund (IMF), World Bank (WB), and so on. The people of developing countries they are fond of the life in developed countries. Migration and movement of people also take part in globalization. The side of economics; the globalization takes a major part.in transportation, education and especially in trade its play a very major role. Most of the countries they make special Economic Zones for the global business. As a Sri Lankan I would like to give examples from my country. In Sri Lanka we can see so many international trade zones. Another economical prospective is common currency. Most of the countries to practice this concept. Because the major issues in their country will be, inflation in their currency. To control inflation; it is better idea. Nowadays European Union (EU) is practicing Euro currency in more than seven countries. Globalization made lot of changes in culture. International tourism improved, International franchise companies teach the western culture and Inter cultural marriages also. Not only has that globalization been doing environmental changes. Global warming is a major issue in the world. In political frame work, now a day every country depends on some global organization. International organizations take part in every single dissension. United Nation (UN), European Union (EU), G8 countries, monitory fund (IMF), World Bank (WB) and non-government organizations (NGOs) are playing major role in politics of every country. In the modern world we can’t avoid the interconnection between nations. It is very necessary for the development. Also there are negative impacts too. Local market and small business are a negative impacts on cultural and health issues. Most of the third world countries are becoming the victim of this. As all of us are aware that globalization is very important to modernize the world we need be more concerned on all the current issues related to globalization.