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Ethical issues should go along with development in the age of globalization; same is the case with Information Technology (IT), a sub domain of Technology. IT is growing and developing rapidly with the lightening speed, probably leaving some ethical issues, considerations, principles and legal requirements lagging behind. The future of ethical IT plays an significant and realistic role in the way of bright and flourishing world. The idea and efforts to use ethics in IT gives an open, safe, transparent and reliable environment to the society. New directions of conceptualization and interpretation enables people to see the Information Technology-Society Relationship differently and therefore, interpret its social and ethical implications in a different manner. Today, IT and globalization together gave world the terms like, Universal Access, Digital Divide, e-content, e-Democracy, Hacking, Cyber Crimes and Cyber War, the newly added concepts and problems. This paper explores and discusses about the Moral and Ethical issues their applications and practices in the new era of Information Technology.