Preservation and accessibility of cultural heritage have become essential with the rapid advancements of globalization and modernization endeavors constantly threatening historical artifacts and sites across the world. The advent of the metaverse, with its immersive and interactive capabilities, presents a novel approach to safeguarding and promoting cultural heritage. The current study aims to explore the potential of metaverse applications in digitalizing cultural heritage, encompassing virtual reconstructions, educational outreach, global accessibility, and sustainability. It conducts a systematic literature review using PRISMA guidelines to collect, screen, and evaluate existing research enquiries into investigating current practices and technologies in the digitalization of heritage preservation. The study also conducts case study research to investigate the challenges and opportunities associated with the virtual preservation of tangible and intangible cultural assets, including issues of authenticity, representation, and sustainability. Furthermore, it evaluates the impact of metaverse applications on public engagement and cultural education. The findings provide valuable insights into developing innovative strategies for preserving cultural heritage in the digital age while highlighting best practices and guidelines for optimizing metaverse applications in cultural heritage preservation.