The field of microelectronics has experienced extensive integration into various aspects of our everyday lives, evident via its utilization across a wide range of devices such as cellphones, airplanes, computers, wristwatches, and other similar technologies. Microelectronics are vital to the healthcare and defense industries, making them vulnerable to counterfeit products. Currently, the complicated global microelectronics supply chain involves the production of varied components in multiple places, resulting in tremendous risk. In this scenario, it is possible for hostile or adversarial actors to exploit the situation by intentionally introducing counterfeit components. This hostile behavior could steal data or use these components as remote kill switches. To address these problems, enormous resources are being committed to research, innovation, and development to build trust in microelectronics. This research study provides a thorough analysis of the taxonomy associated with prominent attack, detection, and avoidance models in the realm of counterfeit microelectronics. This research aims to improve our understanding of dependable microelectronics. Prevention strategies like Physical Unclonable Functions (PUFs) and machine learning (ML), and detection methods like aging-based fingerprints are reviewed in this study. Finally, we underscore the significance of interdisciplinary cooperation, commitment to norms, and proactive methods.