Recent digital transformations have significantly impacted the current society, economy, and culture. This includes adoption of rapidly emerging technologies, such as artificial intelligence (AI), immersive technology (e.g., virtual, augmented, mixed and extended reality (VR/AR/MR/XR)), cloud services, and internet of things, in our day-to-day life. `Metaverse’ has emerged as a technology that incorporates many of these transforming technologies to deliver personalised immersive experience related to specific application areas. A potential major beneficiary of Metaverse is the educational ecosystem, where highly immersive learning experiences can be delivered to students, catering to their personal learning needs and train them on life skills such as empathy, ethical qualities, and communication skills. The present-day Metaverse allows physical engagement, enabling users to utilise limb movements to interact with the presented materials. However, ethical concerns and technical limitations impede the widespread implementation of the Metaverse in the real-world. This paper provides a comprehensive survey of the existing literature covering the architecture, type and components of Metaverse, followed by practical aspects of metaverse implementation. The paper is concluded by discussing on the open challenges and issues along with their mitigation strategies and future research directions after the detailed usecase of Metaverse in Education.