Genus Penaeus sensu lato has been focus of intense scientific research for several decades owing to the high market demand of this group. Twenty eight species of shrimps, were grouped in this genus until Perez Farfante and Kensely raising the former six subgenera in this genus to generic status. Being a most valuable group, this decision made considerable concern among the end users. Recently research group from ICARCentral Institute of Brackishwater Aquaculture made a comprehensive phylogenetic analysis and confirmed the monophyletic origin of genus Penaeus. In the present article we provide a summary of the revisionary work, and currently accepted binomial to encourage practitioners to use the modern up-to-date classification.