Fullerenes, C60 and C70, display interesting physicochemical properties in solutions, especially due to their unique chemical structures and their good electron accepting abilities. Solubility of fullerenes in different organic solvents and their unusual solvatochromic behavior, the ability of the fullerenes to form aggregates in solutions, and their electron transfer and charge transfer interactions with variety of electron donors, are the subjects of extensive research activities for more than one decade. Many research groups including ours have contributed substantially in the understanding of the solvatochromism, aggregation behavior, and the photoinduced electron transfer and charge transfer chemistry of fullerenes, in condensed phase. Present article is aimed to summarize the important results reported on the above aspects of fullerenes, subsequent to the earlier report from our group (D.K. Palit and J.P. Mittal, Full. Sci. & Tech. 3, 1995, 643-659).