Extended reality (XR) technologies are gaining popularity due to their cost-effectiveness and advantageous features. However, there is a need for a comprehensive understanding of numerous ethical dilemmas regarding the effective use of XR for various purposes. Despite the optimistic prospects, this emerging technology has been clouded by uncertain potentialities, resulting in a slower adoption of XR technology than initially anticipated due to some social and physiological implications. Examine potential issues linked to XR technologies, delve into the diverse ethical responsibilities involved, and analyze the underlying factors contributing to those implications. This research demonstrates that the utilization of XR technologies presents four ethical aspects, encompassing social, physiological, environmental, and financial ramifications, alongside privacy vulnerabilities and moral quandaries. The findings of this study lay the groundwork for forthcoming research endeavors aimed at comprehending and tackling the ethical challenges posed by XR technologies.