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In the last few decades, solar activity has been diminishing, and so space weather studies need to be revisited with more attention. The physical processes involved in dealing with various space weather parameters have presented a challenge to the scientific community, with a threat of having a serious impact on modern society and humankind. In the present paper, we have reviewed various aspects of space weather and its present understanding. The Sun and the Earth are the two major elements of space weather, so the solar and the terrestrial perspectives are discussed in detail. A variety of space weather effects and their societal as well as anthropogenic aspects are discussed. The impact of space weather on the terrestrial climate is discussed briefly. A few tools (models) to explain the dynamical space environment and its effects, incorporating real-time data for forecasting space weather, are also summarized. The physical relation of the Earth’s changing climate with various long-term changes in the space environment have provided clues to the short-term/long-term changes. A summary and some unanswered questions are presented in the final section.

Physics of Space Weather Phenomena: A Review