The earliest record of speech synthesis dates back to 18 century. However, it was with the advent of computer age that speech recognition became a viable option. Speech is essentially an easy and efficient means information exchange among humans. Thus establishing a capability for understanding and synthesis of speech in machines, also known as Speech Processing Technology (SPT), would speed up and facilitate information input. SPT is composed of three separate categories of Speech Recognition Technology, Speech Synthesis Technology) and Speech Encoding. While traditionally it has been easier to synthesis speech than recognition, the current speech synthesis systems use standard phonetics for any given language. The present paper while providing a capsule summary of various techniques involved in SPT, would primarily focus on its application within a library environment. SPT could be used for reciting of printed texts, e-mail, newscasts and documents. It provides a tremendous potential for empowering the handicapped patrons, especially in making search results available in form of a talking list. SPT also has application in dictation, document generation, navigation, multi-media indexing and speech translation. It could also be deployed within traditional library technical services, such as inventory control, cataloging, and database searching. The main drawback is the low quality of speech generated, its susceptibility to ambient noise level, audio signal degeneration, etc.