Can the behavior of light be explained on the basis of a single theory ? example, wave theory of light ,if not then why?
Basic quantum mechanics implies that a photon is both a particle and a wave and any experiment you perform, and the result you get, depends on how you set up the experiment.
Quantum field theories, or QFTs, are a combination of basic QM and Special Relativity. The main idea is that a field, (one for each particle) exists throughout the universe. A photon is considered as a localized vibration in the field, as is every other photon.
It is hard to observe this field directly in many cases, such as the discovery of the Higgs boson, which needed the power of the LHC, but with the photon, we don't need to supply much energy to the field to "produce" a photon.
QFT, or actually quantum electrodynamics (QED) in this case, has had a profound effect on how we view the interaction of photons with particles.