Detection of Gravitational waves opened a new path for cosmological study in a new approach. From the detection of gravitational waves signal by advanced LIGO, its research climbed the peak. After the collaboration of LIGO and Virgo, several observations get collected from different sources of binary systems like black holes, binary neutron stars even both binary black hole and neutron star. The rigorous detection of gravitational signals may provide an additional thrust in the study of complex binary systems, dark matter, dark energy, Hubble constant, etc. In this review paper, we went through multiple research manuscripts to analyze gravitational wave signals. Here we have reviewed the history and current situation of gravitational waves detection, and we explained the concept and process of detection. Also, we go through different parts of a detector and their working. Then multiple gravitational wave signals are focused, originated from various sources and then found correlation between them. From this, the contribution of gravitational waves in different fields like complex binary systems (black holes, neutron stars), dark matter, dark energy and Hubble Constant have been discussed in this manuscript.