Proteolytic enzymes are available in the entire livelihood and facilitate in growth of cells along with cell differentiation. Proteases are the hydrolytic enzymes that act as biocatalysts for the degradation of proteins into smaller peptides and amino acids. Microorganisms are capable and provide economical source of alkaline protease enzymes that are able to generate a constant and reliable supply of desired products. Alkaline proteases comprise the major group of enzymes from bio-industrial point of view with large number of applications. They play a significant position in diverse biotechnological industries, viz. in leather, detergent, food & feed and pharmaceutical areas. This review draws attention on different sources of proteases with particular consideration on bacterial alkaline proteases. A variety of nutritional as well as environmental parameters influencing the production of alkaline proteases with a foremost view from Bacillus species in submerged fermentation conditions are discussed. The biochemical characterization such as purification aspects along with the physicochemical properties of alkaline proteases from several Bacillus species are also addressed in brief which could facilitate to recognize enzymes with higher stability and activity above extreme temperature and pH, in order that they can be exploited for industrial applications.