The stokes vector (SV) has been known since Stokes used it to represent the state of polarization (SOP) of light. While the polarization of light has been represented in the form of a SV since 1852, it has more recently found many applications in polarization management in optical communication. Our review begins with the mathematical representation of the SV. The system capacity in the optical transmission system is increased by employing a polarization diversity scheme. The rapidly changing SOP of the modulated optical signal is acquired using a Stokes vector-based direct detection (SV-DD) scheme at the receiver. A silicon photonics integrated circuit employs a SV-based polarization management scheme to control the on-chip SOP of light. Space-division multiplexed systems are a promising solution to the problem of capacity crunch. The multidimensional SV concept is employed to study signal propagation in these systems. The application of the SV in DD, silicon photonics, and space-division multiplexed systems is discussed in detail in our review. The conclusion provides a summary of the importance of SV-based polarization management in optical communication and its future prospects.