The exponential growth of information on the web far exceeds the capacity of present day information retrieval systems and search engines, making information integration on the web difficult. In order to overcome this, semantic web technologies were proposed by the World Wide Web Consortium (W3C) to achieve a higher degree of automation and precision in information retrieval systems. Semantic web, with its promise to deliver machine understanding to the traditional web, has attracted a significant amount of research from academia as well as from industries. Semantic web is an extension of the current web in which data can be shared and reused across the internet. RDF and ontology are two essential components of the semantic web architecture which support a common framework for data storage and representation of data semantics, respectively. Ontologies being the backbone of semantic web applications, it is more relevant to study various approaches in their application, usage, and integration into web services. In this article, an effort has been made to review the research work being undertaken in the area of design and development of ontology supported information systems. This paper also briefly explains the emerging semantic web technologies and standards.