This research paper offers a comprehensive review of Intelligent Transportation Systems (ITS), exploring their advancements and implications. Drawing from diverse disciplines including engineering, computer science, urban planning, and economics, the paper examines how ITS technologies like sensors, data analytics, and autonomous vehicles are transforming transportation. It also discusses societal concerns such as equity and privacy, as well as economic implications like productivity gains and job displacement. The paper highlights the need for interdisciplinary collaboration and policy interventions to realize the full potential of ITS for shaping the future of transportation.