In recent years, reversible logic gates have garnered significant interest because of their potential to decrease energy consumption and meet the growing need for low-power computing systems. Unlike conventional logic gates, reversible logic gates ensure that no information loss happens during computation, allowing for the reversal of the entire computation process. This unique characteristic opens up new avenues for developing energy-efficient digital circuits. This review paper serves as a vital contribution to the field by addressing a noticeable gap in the existing literature regarding reversible logic gates. The study not only comprehensively analyzes the array of reversible logic gates available but also underscores their practical applications and significance. It encompasses a wide variety of reversible logic gates, including Toffoli gates, Fredkin gates, and newer innovations. It is found that Toffoli gates outperformed in terms of gate count and quantum cost reduction, making them a preferred choice for quantum circuit optimization. Additionally, Fredkin gates showed exceptional performance in specific applications, like data swapping and quantum state control. The digital circuits like adders, multiplexers, ALU etc. are successfully designed using reversible gates like HNG, DKG etc. The significant gap this study fills lies in the need for a consolidated and in-depth analysis of the state-of-the-art reversible logic gates and their real-world utility. While prior research has discussed these gates individually, this paper takes a novel approach by offering a holistic assessment of their performance, quantum cost, gate count, and practical applications, thereby presenting a comprehensive resource for researchers, engineers, and designers in the field. This innovative contribution plays a pivotal role in shaping the progress of energy-efficient and quantum computing systems as well as in optimizing VLSI chip designs for various applications, with a particular emphasis on enhancing cryptographic and data processing capabilities. The findings of this review aim to stimulate further research and development in reversible computing, contributing to the advancement of energy-efficient and information-preserving computing systems.