Hello @kartik,
you can do
SELECT  STR_TO_DATE(yourdatefield, '%m/%d/%Y')
FROM    yourtable
You can also handle these date strings in WHERE clauses. For example
SELECT whatever
  FROM yourtable
 WHERE STR_TO_DATE(yourdatefield, '%m/%d/%Y') > CURDATE() - INTERVAL 7 DAY
You can handle all kinds of date/time layouts this way.
Hope it helps!!
Thank You!!