Formalin is the most widely used preservative in anatomical embalming. It produces consistent results in terms of the prevention of autolysis and putrefaction at an affordable cost. It is a known carcinogen having several health hazards. Strict adherence to safety protocols is required to minimize its toxic effects. Regular monitoring of formaldehyde concentration in the dissection hall and embalming room will ensure remedial measures at the earliest. In the face of growing health concerns, several alternative preservatives are being studied. Apart from it, methods like cryopreservation, plastination can be used instead of embalming. Post-mortem toxicological analysis of formalin-fixed cadavers is of importance for forensic investigation. This article will review the overall advantages and disadvantages of formalin and its alternatives in the process of embalming and will guide the anatomists in choosing the proper options for the purpose.