Native starches are modified to overcome the shortcoming, including retrogradation, syneresis, and low water-holding potential, limiting their industrial applications. The enzymatic modification includes designing a starch with a new structure. The molecular mass, branch chain-length distribution, and amylose/amylopectin ratio can be altered by enzymatic reactions when the enzymes react with gelatinized starch. The enzymatic modification directly affects the properties of the modified starch, including in freeze-thaw stability of gels and retardation of retrogradation during storage. Various enzymatic modifications of starch have been attempted for novel applications to the food industry as food ingredients, the enhancement of product quality, and the improvement of the efficiency of food processing. This review article addresses the key enzymes used for starch modifications, mechanism of action, their functionality and discusses new challenges and opportunities for effective modification. Also, the current review will give a critical snapshot of the applications for starch modifications in food industries.