This article provides a comprehensive overview of drought, its complex nature, and the various factors that influence drought, drought indicators, and advanced drought prediction models. It examines the advancements in technology that have facilitated improved drought prediction, identifies the key challenges and opportunities in the field of drought prediction, and identifies the key trends and topics that are likely to give new directions to the future of drought prediction research. It explores the integration of remote sensing data, meteorological observations, hydrological modeling, and climate indices for enhanced accuracy. This review provides a valuable resource for researchers, practitioners, and policymakers engaged in drought prediction and management and fosters a deeper understanding of their capabilities and limitations.