A revolutionary class of materials, smart materials are naturally able to react dynamically to external stimuli like light, stress, temperature, pH, magnetic fields, and electric fields. These materials have the ability to control and reversibly alter their physical characteristics, such as shape, stiffness, viscosity, or conductivity. This makes them perfect for a wide range of cutting-edge applications in a number of industries, including wearable electronics, biomedical engineering, robotics, automotive, aerospace, and civil infrastructure. Rapid developments in nanotechnology and materials science have led to a major expansion in the design, synthesis, and integration of smart materials. An extensive review of the various types of smart materials, such as self-healing polymers, electrochromic and thermochromic materials, shape memory alloys, piezoelectric materials, and magnetorheological fluids, is given in this study. The discussion also covers their mechanics, recent advancements, and potential applications in emerging technologies. This study also addresses future trends and research approaches targeted at promoting intelligent and sustainable systems, as well as the difficulties related to smart materials, such as their scalability, durability, and cost-effectiveness.