Over the past 60 years, satellite technology has demonstrated its usefulness successfully. However, this usefulness is at stake from a future point of view, due to the well-admitted orbital/space debris threat. This article thoroughly reviews all aspects of space debris issue including causes, amount and sizes of orbital debris, potential threats, counter-strategies with their latest status and related legal issues to highlight the criticality and urgency of the problem. This review elaborates the fact that despite all the worries and threats, the efforts to confront this challenge are considerably insufficient until today. This bitter reality demands for at-least curtailing the number of future launches to ensure the long-term sustainability of space, until the improvement in debris situation. However, contradictory to this necessity, large satellite constellations have been proposed that can drastically increase the existing orbital population in coming years. This approach will certainly not help in improving the space environment in the future; instead, it can worsen the space environment situation as recent studies shows. Also, space resources (i.e. orbital slots and frequencies) are limited to accommodate many more satellite projects from commercial and government organization in the future. So, there is a serious question of how the space industry can move forward to maintain a balance in controlling the future number of the satellite while accommodating many commercial or government space entities. This article also identifies two optimized approaches as a way forward for future satellite projects that can also enhance the effectiveness of space technology in the future.