Acute pancreatitis (AP), an inflammatory condition of the pancreas, is one of the most common ailments of the gastrointestinal system, which results in significant morbidity and mortality. The main etiological causes of AP include alcohol consumption, gallstones, hypertriglyceridemia, and biliary stones. The clinical signs and symptoms of AP and the diagnostic criteria for this disease have been well established. Multiple scoring systems are applied to predict the severity and prognosis of AP, and the associated mortality. The present review of the literature highlights the recent significant contributions in the areas of etiology, risk factors, epidemiology, diagnosis, complications, prognosis, and the latest modalities in the treatment, which could be beneficial in the management of AP.