Vulnerable road users (VRUs), such as Pedestrians and bicyclists, as they are prone to high risk on the roadways, exhibit approximately 29% of roadway fatalities in India. This paper aims to examine a comprehensive review of VRUs that employ macroscopic and microscopic accident analysis, influencing factors, and various prediction models. The methodology shows two approaches, namely the reactive and proactive safety approaches, which are reviewed to understand and quantify the safety of VRUs over interaction with vehicular traffic. The macroscopic approach generally utilizes historic accident data and provides a detailed explanation of influencing macroscopic parameters using the Poisson and Negative Binomial model. Additionally, a microscopic approach has been an effective and alternative measure for assessing road accidents with a detailed examination of vulnerable road users (VRUs). In this assessment, surrogate safety indicators like time to collision, post-encroachment time, and deceleration rate to avoid collision have been employed to evaluate accident risk. Upon identifying the accident risk in a particular locality, the subsequent step entails a strategy encompassing policy adaptation and safety treatment measures that constitute the essence of minimizing the number of VRU accidents.