Despite the extensive research on medication-related adverse events (MRAEs) in healthcare, the assessment of the present scenario is made more difficult by the high degree of variability in study results. This study's primary goal was to create a current picture of what is currently known about the prevalence, risk factors, and surveillance of MRAEs in healthcare and overview of pharmacovigilance in preventing MRAEs. In order to find specific research on the prevalence, risk factors, economic effects, and monitoring techniques of medication-related adverse events, a comprehensive search was conducted using relevant search terms across electronic databases. Only research/review published after 2015 were considered in this analysis in order to provide the most current picture of the scenario. Patients who are elderly and have reduced liver or renal function, polypharmacy, or have several other comorbidities are more likely to experience medication-related side effects. Nevertheless, the use of high-risk medications and specific care settings also significantly raises the risk of MRAEs. Computerized techniques may open up new opportunities for event forecasting across all MRAE subtypes when paired with machine learning. Supporting collaborative research between computer science and medicine should be a top priority for pharmacovigilance research and patient safety initiatives in the future in order to provide prospects for the creation of clever preventative work strategies. However, the creation of effective real-time detection techniques may lead to significant advancements in predicting and incident avoidance in the future.