The development of next-generation memories has gradually emerged as suitable replacements for conventional memory systems, mainly due to increased performance, dependability, and power efficiency. This paper aims at discussing the development, challenges, and applications of emerging innovative memory technologies. Emerging memory technologies are analysed and compared based on factors such as speed, durability, size, power consumption, and versatility. Some of the challenges, such as scalability, endurance, and manufacturability, are investigated to address these issues. Based on the current scientific and technological state of affairs, this review offers a promising outlook and underlines the centrality of memory technologies for evolving computation paradigms. This review highlights the significance of research in next-generation memories in redefining the frontier of computing models and the development of next-generation storage technologies.