ATM (Asynchronous Transfer Mode) network is connection-oriented high speed multiservice network. Now a days ATM networks are used as backbone networks in Telecom industry. ATM network supports different service classes, include ABR (Available Bit Rate), rt-VBR (real time Variable Bit Rate), nrt-VBR (non real time Variable Bit Rate), CBR (Constant Bit Rate), UBR (Unspecified Bit Rate), and GBR (Guaranteed Bit Rate)to handle multiple services like data, voice, video and so on. But burtsy traffic handled by ABR, rt-VBR, nrt-VBR, GBR service classes, but all have their own limitations. This paper presents an overview of different Traffic shaping, Congestion Control mechanisms to handle bursty traffic in ATM networks.