Environmental concerns stemming from the widespread consumption of highly toxic and environmentally hazardous chemicals have created a deep concern to move towards greener and more sustainable solvents compatible with the twelve green principles of environmental chemistry. The chemical and pharmaceutical industries have been restricted from the use of toxic and environmentally sensitive solvents, but still require basic properties such as polarity and solubility of certain solvents in their production. In recent years, a large number of extraction techniques have emerged as environmentally friendly alternatives to traditional extraction procedures. Deep eutectic solvents are a new class of green solvents that have emerged as potential alternatives to traditional solvents in many industrial applications, encompassing their various types, syntheses, a wide range of industrial applications, and their advantages over industrial solvents and ionic liquids. This increasing interest in deep eutectic solvents is due to their very special properties such as being safe, less hazardous, greener than ionic liquids, biodegradable, easy to prepare at commercial rates, low cost of preparation, and several other interesting features. In a very short time frame, deep eutectic solvent separation processes have been used in a wide and diverse range of applications including solvent extraction, pharmaceutical processing, environmental protection, materials synthesis, etc. In this study, the types of deep eutectic solvents and recent developments in their synthesis, as well as their application areas as green and sustainable solvents of the future as a viable alternative to today's hazardous and carcinogenic industrial solvents, are reviewed.