This comprehensive review article explores the fascinating field of acoustic levitation, a technique that uses sound waves to suspend objects in mid-air without physical contact. The paper synthesizes recent advancements and applications of acoustic levitation across various scientific disciplines. It begins by elucidating the fundamental principles of acoustic levitation, including standing wave patterns and acoustic radiation forces. The review then examines cutting-edge research in single-axis and multi-axis levitation systems, highlighting innovations in transducer design and phased array technology. Applications spanning from materials science and chemistry to biotechnology and pharmaceuticals are critically analyzed, with particular emphasis on container less processing and the manipulation of sensitive samples. The article also addresses current limitations and challenges in the field, such as size constraints of levitated objects and environmental factors affecting levitation stability. Finally, it outlines promising future directions, including the integration of acoustic levitation with other technologies and its potential impact on manufacturing and space exploration. This review serves as a comprehensive resource for researchers and practitioners seeking to understand the current state and future prospects of acoustic levitation technology.