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Bangladesh is one of the most promising developing countries of the third world. Majority of the population do not have access to electricity. Due to industrial development, Bangladesh has maintained its economic growth above 6% since the last few years. Energy crisis is the most significant barrier for its economic development. Ever increasing utilization of fossil fuel for generation of electricity increasing consumption cost. In this circumstance, renewable energy sources must be incorporated with traditional power plants to meet energy demand. This paper discussed about the present situation of renewable energy practices in Bangladesh. It presents an extensive overview of suitable renewable energies (solar, wind, biomass and hydroelectric) for Bangladesh, their prospects and socio economic impacts.