Polymeric membranes have emerged as a versatile and efficient liquid separation technology, addressing the growing demand for sustainable, high-performance separation processes in various industrial sectors. This review offers an in-depth analysis of recent developments in polymeric membrane technology, focusing on materials’ advancements, innovative fabrication methods, and strategies for improving performance. We discuss the underlying principles of membrane separation, selecting suitable polymers, and integrating novel materials, such as mixed-matrix and composite membranes, to enhance selectivity, permeability, and antifouling properties. The article also highlights the challenges and limitations associated with polymeric membranes, including stability, fouling, and scalability, and explores potential solutions to overcome these obstacles. This review aims to guide the development of next-generation polymeric membranes for efficient and sustainable liquid separation by offering a detailed analysis of current research and future directions.