Wire Arc Additive Manufacturing, often abbreviated as WAAM, has emerged as a noteworthy technique in the domain of Additive Manufacturing (AM) for its ability to efficiently fabricate large metal components at higher rates of deposition and reduced cost. By utilizing the principles of Gas Metal Arc Welding (GMAW) and employing materials in wire form, WAAM exhibits high strength and ductility with minimal wastage. With the evolution of WAAM, it has become more versatile, accommodating a broad spectrum of materials and broadening its scope of application. The ability of WAAM to fabricate functionally graded metallic structures, high entropy alloys and near net shape geometry of products has attracted interest across various industries, especially aerospace. The process, leveraging existing welding equipment and materials, is notably cheaper than other AM methods. While offering advantages such as high deposition rates, material efficiency, reduced lead time, and improved component performance, WAAM still requires ongoing research and development to overcome challenges related to structural integrity, defect elimination, and efficiency for specific applications. This article delves into the latest research developments on WAAM methodologies and prevalent metal feedstock material. It offers an in-depth analysis of the metallurgical characteristics and material properties of the parts fabricated by Wire arc additive manufacturing along with simulated thermal models. The article also highlights common defects observed in wire arc additively manufactured components across various alloys, such as deformation, porosity, and cracking. It further discusses strategies to enhance the quality of manufactured parts, considering unique needs of different alloys. In conclusion, while WAAM holds vast potential, its widespread application comes with its set of challenges. Addressing these challenges tailored to individual materials is essential to realize a functional system within a reasonable timeframe. The synergy between materials and the manufacturing process to yield flawless and robust components is a pivotal focus for future endeavours. This abstract encapsulates the evolution, capabilities, challenges, and future prospects of the WAAM process.