Deepfake technology, a fusion of deep learning and artificial intelligence, has emerged as a potent tool capable of crafting hyper-realistic yet entirely fabricated multimedia content. This comprehensive review explores the evolution, applications, and underlying principles of deepfake technology, emphasizing its potential implications for privacy, security, and the spread of misinformation. Using advanced deep learning algorithms, particularly Generative Adversarial Networks (GANs), deepfake technology manipulates facial features with remarkable precision, raising concerns about its malicious applications. The review examines the exponential growth in online content sharing facilitated by social media platforms and affordable devices, highlighting the convenience and accessibility but also the risks associated with the widespread use of deepfake technology. The core of deepfake technology, GANs, engages in an iterative competition between a discriminator and a generator, resulting in increasingly convincing synthetic data. A thorough review of the literature reveals significant research efforts focused on deepfake detection, leveraging techniques such as error-level analysis, CNN architectures, and hybrid approaches. The paper discusses regulatory measures, public awareness campaigns, and the critical role of digital forensic evaluation in mitigating deepfake threats. Challenges and concerns, including misinformation, privacy invasion, national security risks, and erosion of trust, are outlined. Mitigation strategies encompass advanced detection algorithms, regulatory frameworks, public awareness, and digital forensic evaluation, emphasizing the collaborative efforts required across technology developers, policymakers, the public, and digital forensic experts to navigate this evolving landscape and safeguard trust, privacy, and security in the digital age.