After the accidental discovery of poly(tetrafluroethylene) (PTFE) by Roy Plunkett in 1938 and its use in the Manhattan Project in wartime, it has been declassified after the war and given the consumer-friendly name Teflon as one of the most outstanding polymers. PTFE is widely used in automotive, aerospace, semiconductors, electronics and common household appliances because of its unique non-adhesive, low friction properties as well as superior heat, chemical and weather resistance and electrical properties. Its high molecular weight, high melting point and high crystallinity with nearly complete resistance against chemicals and its insolubility make PTFE an extremely difficult polymer to modify and process. Once shaped into its final form for a certain end-use further modificationof PTFE by conventional techniques is almost impossible. The highly electronegative fluorine atoms with interlocked structures covering the polymer backbone protect the C-C bonds from attacks conferring excellent stability to PTFE. Despite its excellent stability against various agents PTFE is highly sensitive to ionizing radiation in the form of-rays, accelerated electrons and X-rays. Upon irradiation the molecular weight, morphology and chemical structure change rapidly depending on the factors such as absorbed dose, dose rate, temperature and irradiation atmosphere. PTFE is classified as a polymer that undergoes main chain scission by irradiation. Its radiation sensitivity has been used for its controlled degradation and industrially exploited for preparing microparticles that are used as additives. Partial oxidation of PTFE by irradiation in air causes the introduction of oxigenated groups which reduce its hydrophobicity and improve its interaction with other materials. PTFE is found to crosslink when irradiated in an oxygen-free atmosphere just above its melting point which is something that can not be achieved by chemical and thermal methods. Radiation-induced crosslinking of PTFE improves its mechanical, wear and radiation resistance by several orders of magnitude. Surface properties of PTFE can be easily modified by radiation-induced grafting which is a room temperature process not requiring any catalyts or agents. By proper selection of monomers for grafting it is possible introduce any missing properties to PTFE. In this presentation the most recent developments in radiation processing of PTFE for industrial, health-care, energy and environmental applications will be discussed following a brief outline of history of radiation treatment of PTFE.