The dynamic evolution of automotive technology necessitates integrating intelligent systems in suspension systems to enhance vehicle dynamic performance and environmental sustainability. The major challenge in the vehicle suspension design is to achieve an optimum tradeoff between riding comfort and ground holding with the available rattle space. Semi-active suspension systems (SASSs), which meet these requirements more effectively than passive and active systems, have gained prominence for their potential. Different SA control strategies and dampers have been developed to enhance dynamic performance. The optimal control strategies and design parameters improve the responsiveness of SASSs in the vehicle dynamic performance. The algorithms attempt to avail the full potential of various dampers controlled electronically. The accurate representation of nonlinearities in mathematical modeling with noise mitigation enhances the practical implementation of novel controllers in SASSs. This review investigates the forefront of research and development in SASSs, focusing on innovative strategies to make these systems more sustainable, adaptive, and cost-effective for smart vehicles. Semi-active magnetorheological dampers have more commercial applications than other dampers, but the high cost makes them unaffordable for economical cars. Several researchers have attempted to develop inexpensive, high-performance dampers that can vary damping coefficients precisely for different road conditions. Real-time energy harvesting-based dampers for sustainable electric mobility are under development. Commercially available SASSs are less expensive than active suspensions but they have limited applications than passive suspensions. The low market share of existing SASSs and their regenerative inability are the major drawbacks in making it a sustainable suspension system. The novel strategies attempted to develop an effective smart suspension system and its limitations are discussed in this review. The next generation of SASSs that aligns with the global drive towards smarter, greener, and economical vehicles is identified.