The main objective behind this paper is to give a brief idea on Metamaterials. In this paper, history of metamaterials, its Introduction, classification, various properties, advantages, and applications are reviewed. In this paper, different methods of parameter extraction for metamaterial structure were also examined. Metamaterials are artificially invented materials. The property of metamaterials is different from the natural materials. By using Split Ring Resonators (SRR) and Wire structure, metamaterials provide the simultaneous negative value of permittivity and permeability; same properties can also be obtained by creating different shapes on patch, e.g. Coupled pi shape, Omega shape, Complementary Split Ring Resonator (CSRR), etc. Compared to conventional materials metamaterials differ in terms of their structure. In the conventional natural material we get the Positive Index of Refraction (PIR) or Right Handed Materials (RHM), while metamaterial provides Negative Index of Refraction (NIR) or Left Handed Materials (LHM). In this paper, different methods of designing and simulation of Metamaterial Unit cell and steps for the metamaterial parameter extraction were also examined.