PVC is the most versatile vinyl polymer.As such PVC has limited uses but by adding various additives like plasticizers or by doing some chemical modifications, its properties are altered up to great extent. Various studies on PVC and its modification have been reviewed in this paper. FT-IR and TGA/DTAhave been mainly used for the characterization. Thermal stability of the modified PVC was observed to be increased in maximum studies but in some cases it decreased after crosslinking. Properties of the PVC have been altered up to desired extent by using bifunctional crosslinkers to find wide applications like in construction, household applications, biomedical applications etc.