Can we make a field display only when we select a specific option from above List on any form?

You should be able to do this with a workflow

@Dani Can You Guide me how It's Done using workflow? All fields are Custom.

It would be a simple one state WF. You would probably need two actions based on when a field should and should not be displayed. You may have to play around with the trigger, whether its on field edit or field sourcing but it should be something like this