The available glass forming ability criteria have been examined by classifying them into four basic categories depending on critical temperatures, thermodynamic quantities, topological and kinetic aspects of glass forming alloys. A large number of glass forming alloys of widely varying natures and origin have been analysed with their experimentally measured properties to assess their glass forming ability. A novel approach using kinetic viscosity of glass forming alloys obtained by the Vogel-Fulcher-Tamman equation and the critical cooling rate calculated from the TTT diagram is demonstrated as an excellent universal glass forming ability criterion. Moreover, thermodynamic and topological modelling results through computation of a novel PHSS parameter for various alloy compositions spanning different alloy systems have rendered qualitative guidelines on propensity for glass formation in multicomponent alloy systems. Besides, the importance of kinetic interpretation of PHSS range observed for glass forming alloys is also elaborated. © 2016 Institute of Materials, Minerals and Mining.