The Planetary Roller Screw Mechanisms (PRSMs), alongside Ball Screw Mechanisms (BSMs) and Electromechanical Actuators (EMAs), occupies a pivotal role in advancing the precision and efficiency of various industrial applications, including aerospace, automotive, and high-precision machining tools. Despite their critical advantages such as high load capacity, superior precision, and extended lifespan, the deployment of PRSMs in complex operational conditions reveals a landscape rife with challenges and opportunities for further research. This comprehensive review endeavors to dissect the multifaceted aspects of PRSMs, focusing on their mechanics and dynamics, tribology and thermal behavior, and the paramount importance of reliability and condition monitoring. By synthesizing current research findings, this paper highlights the significant advancements in understanding the static and dynamic characteristics of PRSMs, the intricate interplay between lubrication conditions and wear mechanisms, and the critical role of thermal effects on operational performance. Moreover, it delves into the dynamic models that address the impact of manufacturing imperfections, such as waviness and defects, on the reliability of these mechanisms. Despite the strides made, the review identifies critical gaps in the existing literature, particularly under conditions of extreme temperatures, large deformations, and multifaceted loads, advocating for a holistic approach to research. By proposing integrated thermo-mechanical models and emphasizing the need for empirical validations, this paper outlines a roadmap for future studies aimed at facilitating the development of more robust and reliable PRSMs, capable of meeting the demands of complex operational scenarios and advancing the field of high-precision applications in aerospace, robotics, and beyond.