Extending thermodynamic concepts to nonequilibrium systems has been a long standing problem. In recent years, there have been some remarkable developments in this regard. Some exact relations, known as fluctuation relations (FRs), have been derived and experimentally verified for systems out-of-equilibrium [1,2,3]. One class of non-equilibrium systems is molecular or quantum junctions which can easily be driven and maintained arbitrarily far from their equilibrium conditions [4] by applying external bias or thermal gradient. These systems therefore present an ideal platform to further our understanding of non equilibrium processes in the quantum regime and test theoretical predictions. I shall discuss emergence of fluctuation relations in connection to transport in quantum junctions under various non-equilibrium conditions [6,7] using model systems. I shall then discuss model calculations to compute electroluminescence in molecular junctions which has been observed [8,9] and shows some intriguing features. An understanding of these features based on model system will be presented [10].