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At present for the promising population, the growing demand of energy has delicate the requirement of alternative sources of energies other than fossil fuels. Though renewable energy resources like solar, biomass, hydro and geothermal energy appear as environment friendly, replenishing sources of energy, a comprehensive solution appears far-fetched as far as large scale production and wide-spread dissemination is concerned when long term cost factors are taken into consideration. The unwavering boost of population and ongoing depletion of fossil fuels and have further exacerbated the energy crisis. In this paper, discussions on the limitations of conventional and renewable sources of energy compared to advanced fourth generation nuclear power on the basis of environmental contamination, energy security, cost of fossil fuels and electricity generation and have philosophy to the prospects of nuclear power as the ultimate future energy option for the developing countries are done. Environmental issues, long term cost factors , radiation hazard and safety concerns have been considered with respect to the generation of electricity using advanced fourth Generation nuclear power.