The software development process needs specific and studied steps within a reliable plan to achieve the requirements for the success of any project. Software development life cycle (SDLC) methodologies have provided several models that meet the needs of the various proposed projects. These methodologies present various scenarios that can be applied in the process of developing systems to make them more efficient and predictive. The paper aims to illuminate the paramount Software Development Life Cycle (SDLC) methodologies by conducting a comprehensive review of the pros and cons of the various models widely used for software design. Furthermore, the paper discusses fundamental trajectories that are shaping the future landscape of SDLC methodologies. This review included two main types of software development life cycle approaches such as traditional SDLC (heavy-weight) and agile SDLC (light-weight) approaches. The traditional approach included several models such as the Waterfall model, Iterative model, Spiral model, V-Model, and Big Bang Model. Whereas, the agile approach included various models such as the eXtreme Programming (XP) Model, scrum Model, Feature Driven Development (FDD) Model, and Kanban Model. A comprehensive analytical study of all software development life cycle models was achieved and highlighted their most prominent strengths and weaknesses of them. SDLC methodologies wield substantial ramifications across a multitude of sectors, contingent upon several models tailored to individual developmental and research contexts. In culmination, the paper furnishes an all-encompassing perspective on paramount SDLC models, encompassing two principal paradigms: the traditional and the agile approaches. These encompass fundamental sub-models that encapsulate pioneering models poised for application in system development, thus facilitating their refinement more efficiently and predictably.