This comprehensive review explores the dynamic landscape of additive manufacturing, tracing its evolution from rapid prototyping to a transformative force in modern manufacturing. The study examines various 3D printing technologies, including fused deposition modelling, stereolithography, and selective laser sintering, analyzing their principles, capabilities, and limitations. It delves into the wide-ranging applications across industries such as aerospace, healthcare, and consumer goods, highlighting how 3D printing is reshaping traditional production paradigms. The review also investigates the impact of materials science advancements on expanding the scope of printable substances, from polymers to metals and biomaterials. Furthermore, it addresses the economic implications of additive manufacturing, discussing cost-effectiveness, customization potential, and supply chain disruptions. The study explores emerging trends like 4D printing and bio-printing, offering insights into future directions. Additionally, it examines the challenges facing widespread adoption, including quality control, intellectual property concerns, and regulatory frameworks.