Smart city initiatives aim to enhance urban domains such as healthcare, transportation, energy, education, environment, and logistics by leveraging advanced information and communication technologies, particularly the Internet of Things (IoT). While IoT integration offers significant benefits, it also introduces unique challenges. This paper provides a comprehensive review of IoT-based management in smart cities. It includes a discussion of a generalized architecture for IoT in smart cities, evaluates various metrics to assess the success of smart city projects, explores standards pertinent to these initiatives, and delves into the challenges encountered in implementing smart cities. Furthermore, the paper examines real-world applications of IoT in urban management, highlighting their advantages, practical impacts, and associated challenges. The research methodology involves addressing six key questions to explore IoT architecture, impacts on efficiency and sustainability, insights from global examples, critical standards, success metrics, and major deployment challenges. These findings offer valuable guidance for practitioners and policymakers in developing effective and sustainable smart city initiatives. The study significantly contributes to academia by enhancing knowledge, offering practical insights, and highlighting the importance of interdisciplinary research for urban innovation and sustainability, guiding future initiatives towards more effective smart city solutions.