Econophysics is multidisciplinary field applies theories and methods from physics to analyze economic phenomena (H. Eugene Stanley, 1995). The article explores the subject nature of Econophysics, historical perspective, models of Econophysics, tools and techniques of Econophysics, applications of Econophysics in economics, focusing on its contributions to various phenomena of the Economics such as market dynamics, wealth distribution, financial risk management, complex systems analysis, agent-based modeling, and forecasting.