The term “Internet of Things (IoT)” and its ecosystem is expanding very rapidly, and therefore, it has become complicated to capture the actual definition of ‘IoT.’ This has created numerous challenges and complications for the students looking forward to achieving accurate perception. This paper is presented with an insight to educate the audiences who do not have sufficient knowledge of the Internet of Things (IoT). The scope of this paper expands from the concepts of Information Technology, Digitalization, Wireless Networking, and sensor technologies to the broad arena of IoT. A simple and easily understandable explanation of IoT including applications and impacts to the society has been proposed. This paper exhibits present state-of-the-art experimental research outcomes as extended examples for the reader to develop a comprehensive conceptualization of IoT. Finally, after going through this paper, a layman who does not have any specific knowledge in this field, do build the concepts and understands the advancements behind the buzzword, “IoT.”