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Abstract Environment Protection is a major issue of all time. Still, Environment damages are the rewards for human beings. As observing the environmental degradation mainly in the form of various types of pollution that is water, air, soil erosion, deforestation, etc. For such types of degradation, establishing industries for economic development would also be one of the reasons.The degradation of the environment not only diminishes economic productivity but also disturbs the environment, but the need for economic development and human being quality of health is also essential. Therefore, environmental accounting is essential and plays an important role to make the balance between economic productivity and environmental protection. Green accounting is a new system of accounting that records costs and it is rendered by the ecosystem to the business concern. Green accounting is also known as environmental accounting. Green accounting or environment accounting is a tool to express the damage from business activities and the benefits of the natural environment. So the present would like to throw its light on the concept of green accounting and its importance in the present scenario. And also the study would try to explore more and more unknown things about green accounting and environmental accounting to create awareness about it and thereby give emphasis on conservation and protection of the environment. The present reviewed some articles written on the green accounting system. The study also tries to show the importance of financial accounting, corporate social responsibility, and green accounting in the balanced positive importance of achievement of environment protection and economic development.