This review synthesizes insights from the literature and incorporates computational and experimental analyses to explore various types of safety valves and their applications across industries such as oil and gas, chemical manufacturing, and power generation. Key areas of focus include global regulatory standards from organizations like the American Society of Mechanical Engineers (ASME), International Organization for Standardization (ISO), Deutsches Institut für Normung (DIN), and American Petroleum Institute (API), which ensure stringent design and testing requirements. This paper examines the historical development of safety valves, recent technological advancements such as smart valves with integrated sensors, and predictive maintenance capabilities, along with ongoing challenges in high-pressure and corrosive environments. Additionally, it highlights the role of computational tools like CFD and FEA in optimizing valve designs and ensuring reliability under demanding conditions. By presenting a streamlined analysis of standards, innovations, and future directions, this review underscores the indispensable importance of safety valve technology in ensuring operational safety across various industrial applications.