In the ever-changing world of global data transmission, the security of data and individual privacy are the growing fears in today’s human life worldwide. The major concerns are the protection of the biometric templates in the biometric identification and authentication process. Storage of the biometric template in the database raises the chance of compromising it, hence lead to serious threats and abuse of the person’s identity. When an individual’s registered biometric data is disclosed, their security and privacy can be compromised. Therefore, public acceptance of biometrics will depend on the system designer’s ability to demonstrate that the systems are robust, with low error rates, and tamper proof. If someone’s biometric template inside the database is compromised, that consequently might imply identification robbery of that individual. In the recent past, a considerable number of methods for biometric template protection have been published. This article explains, a thorough valuation on numerous attacks and threats associated with the biometric system alongside the biometric template protection, elucidating the measures anticipated to address the threats, to the performance gap and establish the status quo of the current biometric template protection for public acceptance.