Identifying the stakeholder in requirement engineering process is one of the critical issues. It performs a remarkable part for successful project completion. The software project largely depends on several stakeholders. Stakeholder identification and prioritization is still a challenging part in the software development life cycle. Most of the time, the stakeholders are treated with less importance during the software deployment. Additionally, there is a lack of attempt to think about the right project stakeholder by the development team. In maximum cases, the stakeholder identification technique is performed incorrectly and there is a lack of attempt to mark out them with priority. Besides, there are so many limitations on the existing processes which are used for identifying stakeholders and setting their priority. These limitations pose a negative impact on the development of software project, which should be pointed out by giving deep concern on it. We are aiming to focus on this typical fact, so that we can figure out the actual problem and current work on identifying stakeholders and setting their priority.