Delay is everywhere, no matter how small or big it is. Experimental evidences show the existence and importance of time delayed reactions specially in biological systems. The role of delay is found to be multifunctional and is seemed to be system dependent. The analytically solved P(X,t) of gene regulatory process shows universal class of Poisson process at stationary condition. However, time delay creates a possible condition to the system to impart correlation in the stochastic process as sub-Poissonian or noise enhancement process which could be important in regulating and controlling the system. The results of simulation of few biological systems (gene regulation, circadian rhythm, and repressilator) using delay stochastic simulation algorithm show the possibilities of delay induced onset of oscillating states, which could be the active states of the systems, where, the system can establish coherence among the system variables, enhance the signal processing, optimize the system activities, etc. On the other hand, delay can also induce switching off of the oscillating states, which may correspond to inactive state or system failure.