Disasters, whether natural or man-made, are sudden catastrophic events that disrupt communities, causing significant human, economic, and environmental losses. They overwhelm local capacities, necessitating effective disaster management strategies. This review paper examines critical components of disaster management, such as prepared-ness, emergency response, recovery, and mitigation strategies, while analyzing contemporary obstacles and advancements in the domain. Leveraging cutting-edge technologies like Unmanned Aerial Vehicles (UAVs), social media analytics, IoT-enabled devices and application of Artificial Intelligence and Machine Learning (AIML) significantly improves disaster response and real-time monitoring. The paper also explores the growing global market for disaster management technologies. Estimates suggest the figure will reach 229.5 billion Dollar by 2027, fueled by urbanization and the demand for resilient infrastructure. Case studies highlight successful implementations of waste management strategies, drone-assisted rescue missions, and AI-driven predictive models. Furthermore, innovative technologies such as drones equipped with cameras and sensors enhance emergency management by automatically updating evacuation routes and providing swift assessments of critical situations. This paper demonstrates how these technologies can mitigate risks and enhance community safety through a detailed analysis of various disaster management scenarios, including earthquakes, floods, wildfires, etc.