Electrospinning is a versatile and viable technique for generating ultrathin fibers. Remarkable progress has been made in techniques for creating electro-spun and non-electro-spun nanofibers. Nanofibers were the center of attention for industries and researchers due to their simplicity in manufacture and setup. The review discusses a thorough overview of both electrospinning and non-electrospinning processes, including their setup, fabrication process, components, and applications. The review starts with an overview of the field of nanotechnology, the background of electrospinning, the surge in demand for nanofiber production, the materials needed to make nanofibers, and the critical process variables that determine the characteristics of nanofibers. Additionally, the diverse applications of electrospun nanofibers, such as smart mats, catalytic supports, filtration membranes, energy storage/heritage components, electrical devices (batteries), and biomedical scaffolds, are then covered. Further, the review concentrates on the most recent and pertinent developments in nanofibers that are connected to the use of nanofibers, focusing on the most illustrative cases. Finally, challenges and their possible solutions, marketing, and the future prospects of nanofiber development are discussed.