Catalytic decomposition of nitric oxide has been studied for nearly a century, using materials ranging from noble metals to alkaline earth metal oxides, without much success. Only since about last fifteen years some progress in finding promising materials has been made. Of the numerous catalyst systems studied, very few show tangible decomposition rates : copper substituted zeolites, silver-cobalt mixed oxides, some perovskites, and supported noble metals. Although at 773 K the rates of decomposition over zeolites are two to three orders higher than those over remaining systems, these materials have very low thermal stability, above 773 K. In this respect, perovskites have much higher potential, although so far no composition exhibiting practical decomposition rates has been found. Systematic study of the effect of composition on the performance should help to advance the complete understanding of this important reaction. In this paper a current state of art is outlined, and some latest preliminary results for new specially formulated perovskites are presented.