This paper provides an in-depth view of Terahertz Band (0.1–10 THz) communication, which is envisioned as a key technology to satisfy the increasing demand for higher speed wireless communication. THz Band communication will alleviate the spectrum scarcity and capacity limitations of current wireless systems, and enable new applications both in classical networking domains as well as in novel nanoscale communication paradigms. In this paper, the device design and development challenges for THz Band are surveyed first. The limitations and possible solutions for high-speed transceiver architectures are highlighted. The challenges for the development of new ultra-broadband antennas and very large antenna arrays are explained. When the devices are finally developed, then they need to communicate in the THz band. There exist many novel communication challenges such as propagation modeling, capacity analysis, modulation schemes, and other physical and link layer solutions, in the THz band which can be seen as a new frontier in the communication research. These challenges are treated in depth in this paper explaining the existing plethora of work and what still needs to be tackled. © 2014 Published by Elsevier B.V.