Environment Impact Assessment (EIA) is an important term relating to industrial units or projects. It is an assessment report based on environmental impacts of a certain industrial unit or project. This paper aims at defining the term, its nature, its scope and relevance in Bangladesh as well as international perspective. This is a joint venture of the students of Law of the University of Dhaka. In this assignment we have critically analyzed the nature of EIA. We have also discussed the purposes, importance, historical trace, international recognition, scope and guiding principles of Environment Impact Assessment (EIA). We have also mentioned the existing legal regime of EIA in Bangladesh, i.e., Institutional mechanism, Legal provisions, Process, Administrative Application on the existing mechanism and Review of EIA. A comparative study on EIA with other developed countries has also been mentioned. A detailed case references and research on these case laws have been critically described. Some Experts opinions have been given. At the end we have also mentioned some criticisms and recommendations on Environment Impact Assessment or EIA.