In the era heavily influenced by Internet of Things (IoT), prioritizing strong security and the protection of user privacy is of utmost importance. This comprehensive review paper embarks on a meticulous examination of the multifaceted challenges and risks facing IoT security and privacy. It encompasses the hardware, software, and data‐in‐transit domains, shedding light on potential vulnerabilities and associated threats. In response to these concerns, this paper puts forth recommendations for effective strategies to mitigate these risks. Providing a road‐map for enhancing security and privacy in IoT environments. Furthermore, this review thoroughly assesses a multitude of solutions proposed by various authors, with the primary aim of enhancing security and privacy within the IoT landscape. The analysis provides insights into the strengths and limitations of these solutions. This is aiding in the development of a holistic comprehension of the existing status of IoT security and privacy. Moreover, the paper delves into the complexities surrounding integrating emerging technologies into the IoT framework. It explores the obstacles and challenges inherent in this process and proposes potential strategies to address these hurdles. By doing so, the review provides a holistic perspective on existing security and privacy enhancement technologies and offers guidance on navigating the dynamic landscape of emerging technologies within the IoT domain. Publications included in the review consist of journal articles, conference papers, and book chapters from reputable sources indexed in SCI (Science Citation Index), Scopus, and Web of Science.