Dilute magnetic semiconductor (DMS), defined as a diamagnetic semiconductor doped with few atomic percent of metal ions with unpaired 'd' electrons have become one of the emerging fields of nanoscale electronics and condensed matter physics in recent years. Doping of transition metal ions into a non-magnetic semiconducting system not only induces ferromagnetism but also maintains its semiconducting property. The magnetic interaction between the magnetic impurities is supposed to be mediated via charge carriers. ZnO based DMS material exhibits remarkable behavior because of its wide bandgap, high electrical conductivity, optical transparency, presence of native oxygen vacancies and high chemical and thermal stabilities. It has generated huge interest among the scientific community due to its wide application in photovoltaic cells, liquid crystal displays, gas sensors, thin-film resistors, optoelectronic devices, and transparent conductive coatings.