As the obfuscation is widely used by malware writers to evade antivirus scanners, so it becomes important to analyze how this technique is applied to malwares. This paper explores the malware obfuscation techniques while reviewing the encrypted, oligomorphic, polymorphic and metamorphic malwares which are able to avoid detection. Moreover, we discuss the future trends on the malware obfuscation techniques. Keywords-Malware, Obfuscation, Metamorphic, Polymorphic