Fluids for drilling and completion operations are essential components in the oil and gas industry. With the advancement of drilling technology, effective drilling fluid for harsh drilling operations is still challenging to exploit hydrocarbons. One of the prominent developments in this area is the application of high-density brines. The high-density brines have shown the capacity to tackle complicated harsh geological conditions. This review paper gives a detailed review of the properties, formulation, application, and importance of high-density brines in drilling and completion processes. The factors affecting the salient features of high-density brines, such as chemical composition, temperature, pH, and pressure, are discussed. Furthermore, the paper investigates the application of high-density brines in the oil and gas industry as drilling fluids, where they play a crucial role in wellbore stability, formation fluid control, and cuttings transport. In addition, this review highlights emerging trends and research to improve the performance of high-density brines. Finally, the review discusses current challenges and outlook, environmental concerns, economic feasibility, and compatibility with wellbore materials. The current ample review serves as beneficial literature for research scientists, engineers, and industry experts looking for a massive knowledge of high-density brines and their diverse applications.