The rise of the Internet of Things (IoT) marks a revolutionary shift, transforming our everyday existence into a high-tech tapestry. From the interconnected brilliance of smart cities and homes to the meticulous management of pollution, energy, transportation, and industries, IoT has been the catalyst for these groundbreaking changes. Countless research endeavors have tirelessly worked to elevate IoT technology, but amidst the progress lie numerous unresolved challenges yet to be surmounted. In this landscape, the quest for IoT’s full potential demands a holistic approach, encompassing its applications, hurdles, enabling technologies, and social and environmental impacts. This review article endeavors to delve deep into these facets, painting a comprehensive picture that straddles both the technological and societal realms. It meticulously dissects the challenges and pivotal issues that confront IoT, elucidating its architecture and significant application domains. Moreover, it shines a spotlight on existing literature, meticulously detailing their contributions across various dimensions of IoT. Furthermore, the article amplifies the significance of big data and its analysis concerning IoT—a critical junction that warrants profound exploration. Its overarching aim? To serve as a guiding beacon for readers and researchers alike, illuminating the intricate landscape of IoT and its tangible implications in the real world.