This paper deals with the modern development of matrices, linear transformations, quadratic forms and their applications to geometry and mechanics, eigenvalues, eigenvectors and characteristic equations with applications. Included are the representations of real and complex numbers, and quaternions by matrices, and isomorphism in order to show that matrices form a ring in abstract algebra. Some special matrices, including Hilbert's matrix, Toeplitz's matrix, Pauli's and Dirac's matrices in quantum mechanics, and Einstein's Pythagorean formula are discussed to illustrate diverse applications of matrix algebra. Included also is a modern piece of information that puts mathematics, science and mathematics education professionals at the forefront of advanced study and research on linear algebra and its applications.