Red mud, a byproduct of bauxite processing for aluminum, poses environmental challenges due to its high alkalinity and substantial generation, exceeding 175.5 million tons annually and totaling around 4 billion tons by 2022. This hazardous waste threatens pollution and incurs significant liabilities for responsible companies. Despite studies demonstrating the potential for integrating red mud into ceramic materials, large-scale applications remain absent. This review provides a panoramic overview of the status of red mud production, including a comprehensive characterization of the globally available red mud to elucidate its material properties. Furthermore, the review underscores the potential hazards associated with red mud in relation to public health and environmental concerns. In addition, it aims to assess the viability of red mud applications across various domains, including its utilization in highway and road construction, incorporation as a component in ceramic and cement manufacturing, geotechnical applications, material recovery, and its roles in water, wastewater, and industrial gas treatment. The review also explores red mud's potential as a catalyst, coloring agent, foaming material, radiation-shielding material, and in agricultural applications. Effective market acceptance of red mud products hinges on addressing safety and environmental concerns, as well as raising public awareness of their benefits. Beyond application in construction industry, red mud can be utilized in recovery of materials. However, its economic viability depends on composition and recovery methods. Ongoing research and collaboration between academia and industry are essential to develop strategies that make red mud inert and enhance its mechanical performance. Properly utilizing red mud can reduce landfill waste, prevent contamination, and promote sustainable resource management, turning waste into valuable assets across sectors.