The inability of many manufacturing companies to remain viable and also compete effectively in today’s world class manufacturing has been blamed extensively on their difficulty to identify, reduce, and possibly eliminate all wastes that are inherent in their manufacturing processes. This paper introduced the concept of waste (otherwise known as muda in Japan) in Lean Production System, and also gave a detailed explanation of the entire 7+1 wastes that bedevil manufacturing processes. The various approaches, tools and techniques of tackling muda were discussed in detail, although it was noted that companies will not achieve the desired results if the tools are not properly utilized; the paper went a step further to discuss their specific applications and benefits which will assist in starting improvement processes, increase the overall awareness of quality, and also enhance the change of attitude of employees. Finally the paper concluded that the effective tackling of all wastes in manufacturing processes will not only enable companies to remain competitive, but will also lead to increased throughput, as Waste identification and subsequent elimination is one of the most effective ways of increasing the profitability and viability of any business.