Developments in modification of polybutadiene rubber (PBR) using various reagents and catalysts have been reviewed. Hydrogenation and functionalization occurring at the site of unsaturation along chain length are discussed. Hydrogenation involving various metal catalyzed processes is discussed. Suitable conditions that are effective during hydrogenation and functionalization are mentioned in this article. Reactivity ratios associated with microstructures of polybutadiene rubber and possible mechanisms involved are described in the review. The importance of reaction conditions during reactivity and their impact on product properties are highlighted. A specific method that needs to be adopted in order to achieve expected product properties is discussed. Various industrial applications of modified PBR and their commercial products in the global market are discussed.