During extreme weather conditions, the terrestrial network has complications reaching remote corners such as deserts, oceans, and mountain regions. It is also vulnerable to environmental upheavals such as earthquakes, floods, and Tsunamis, which may perturb its routine functioning. Satellite networks provide extensive coverage and, thus, are proficient in extending access services to far-flung regions, thereby overcoming the adversities of the terrestrial network. Therefore, scientists crafted the Internet of Space Things (IoST) to achieve all-encompassing coverage which can engulf the areas beyond the gamut of terrestrial networks through in-space backhaul links. This paper presents a comprehensive overview of the recent research paradigms in IoST. It aims to provide a thorough understanding of various aspects of IoST, such as its communication network architecture, different technologies that can aid and streamline the IoST operations, and its application in multifarious fields such as agriculture, ecosystem, and intelligent transportation monitoring and surveillance. Finally, challenges pertaining to IoST have been discussed and future research directions have been listed to facilitate modern-day research efforts and foster the emergence of new insights in the field of IoST.