Current research focuses on developing inexpensive, adaptable, portable, wearable electronic devices. Organic transistor-based devices play a crucial contribution in these developments. These devices have a low-temperature fabrication process, making it possible to use an extensive range of flexible substrates like cloth, paper, foil, fiber, and plastic. The article discusses a variety of materials used for different layers of the Organic Thin Film Transistor (OTFT). Also highlighting the structural variation, with their performance metrics, which include current, threshold voltage (VT), mobility (mu), subthreshold slope (SS), and current ratio. Additionally, it presents an insight into the operating principle of OTFT to comprehend the conduction process better. A study is carried out for dielectric materials, including organic, inorganic, Self-assembled monolayer (SAM), hybrid, and nanocomposite, along with their benefits and drawbacks. The paper further discusses some crucial uses of organic transistors, such as low-cost Radio frequency identification tag (RFID), organic memory having the quality of three memory types, organic inverters, Deoxyribonucleic Acid (DNA) sensors, Active matrix displays, Gas sensors, Pressure sensors and Chemical sensors adopted two kinds of chemical detection methods from human body and environment. Finally, the article discusses the issues and future prospects of OTFT.