The Arctic region has attracted attention from all over the globe in recent times not just for its abundance of natural resources but also due to opening up of new trade routes owing to melting of the permafrost. As oil prices are starting to stabilize, corporate from all over the world are investing to planning to invest in the region. Oil and Natural Gas companies are investing heavily in the region. As the permafrost melts due to global warming, new perspective sea trade routes are opening up. However the region is also home to rich biological reserve, flora, fauna and indigenous tribal population. There is a need for immense technological and scientific innovation and R&D in the region. Most of the innovations have taken place in the Nordic countries in the urban regions. New governance policies and regulations have come up and extraction methodologies have become more profitable yet catering to local needs and concerns. Here, analysis of technological development will be done. The paper will focus on new scientific techniques applied by different Arctic countries for tapping and harnessing the abundant natural resources in the region and also would highlight the ecofriendly measures used to promote sustainable development. Focus will also be on development and enhancement of STEM (Science, Technology, Engineering and Mathematics) education at universities to modify and apply technologies for the betterment of Arctic population. There is a stark contrast between innovation in cities of Arctic countries and that in rural areas. This paper will highlight the scientific developmental activities performed by the Arctic countries.