This paper reviewed the literature on ethics, ethical theories, ethical principles, as well as the implications of unethical practices in organizations. The study revealed that unethical business practices have devastating consequences on organizations, since they result in poor corporate image, financial losses, market failures and sometimes complete corporate collapse. It was further observed that corruption, bad leadership, poor corporate governance, conflict of interest, lack of accountability, inadequate CSR, abusive and intimating behaviors among others are common in most organizations. The paper concludes that it is beneficial and in the enlightened self -interest of organizations to adopt good ethical practices. The paper also recommends that managers’ should ensure that ethical standards are crafted in their business philosophy and strategic intents in order to build and maintain a good corporate image.