During the last few years, wealth of new experimental results in the heavy flavor hadron sector has become available. The diversity, quantity and accuracy of the data are impressive and include many surprising spectroscopic results. Following the discovery of eta b states and the excited eta c (2 S) states many excited states of open charm and beauty mesons and plethora of exotic states are reported. Discoveries of many new hadrons at B-factories have shed light on a new class of hadrons beyond the ordinary mesons. Many of these states awaits for its right identification. Though we have the theory (QCD) for the strong interaction, we are still far from extracting the major part of the hadron properties from it. These properties at the hadronic scale obviously play relevant role in many searches for new physics and new phenomenon. For obvious reasons, heavy flavour sector offers unique opportunities in this case. For example, the quarkonium systems are crucially important to improve our understanding of QCD as it falls in the low energy region where the non-perturbative effects dominate. Thus the heavy quarks / quark-antiquark bound states are ideal laboratory where our understanding of non-perturbative QCD and its interplay with perturbative QCD may be tested. A comparative review of different model predictions for example in the case of heavy flavor hadronic systems will be highlighted. The quarkonium studies may be used as a benchmark for our understanding of QCD and for the precise determination of standard model strong interaction parameters such as the constituent quark masses, alpha(s), the confinement strength (string tension) etc.