A single crystal of lithium niobate is an important optoelectronic material. It can be grown from direct melt only in a lithium deficient non-stoichiometric form as its stoichiometric composition exhibits incongruent melting. As a result it contains a number of intrinsic point defects such as Li-vacancies, Nb antisites, oxygen vacancies, as well as different types of polarons and bipolarons. All these defects adversely influence its optical and ferroelectric properties and pose a deterrent to the effective use of this material. Hence, controlling the defects in lithium niobate has been an exciting topic of research and development over the years. In this article we discuss the different methods of controlling the intrinsic defects in lithium niobate and a comparison of the effect of these methods on the crystalline quality, stoichiometry, optical absorption in the UV-vis region, electronic band-gap, and refractive index.