Infrared (IR) emissions from aircraft are used to detect, track, and lock-on to the target. MAN Portable Air Defence Systems (MANPADS) have emerged as a major cause of aircraft and helicopter loss. Therefore, IR signature studies are important to counter this threat for survivability enhancement, and are an important aspect of stealth technology. This paper reviews contemporary developments in this discipline, with particular emphasis on IR signature prediction from aerospace vehicles. The role of atmosphere in IR signature analysis, and relation between IR signature level and target susceptibility are illustrated. Also, IR signature suppression systems and countermeasure techniques are discussed, to highlight their effectiveness and implications in terms of penalties.