The emergence and acceptance of digital technology have caused information pollution and an infodemic on Online Social Networks (OSNs), blogs, and online websites. The malicious broadcast of illegal, objectionable and misleading content causes behavioural changes and social unrest, impacts economic growth and national security, and threatens users’ safety. The proliferation of AI-generated misleading content has further intensified the current situation. In the previous literature, state-of-the-art (SOTA) methods have been implemented for Fake News Detection (FND). However, the existing research lacks multidisciplinary considerations for FND based on theories on FN and OSN users. Theories’ analysis provides insights into effective and automated detection mechanisms for FN, and the intentions and causes behind wide-scale FN propagation. This review evaluates the available datasets, FND techniques, and approaches and their limitations. The novel contribution of this review is the analysis of the FND in linguistics, healthcare, communication, and other related fields. It also summarises the explicable methods for FN dissemination, identification and mitigation. The research identifies that the prediction performance of pre-trained transformer models provides fresh impetus for multilingual (even for resource-constrained languages), multidomain, and multimodal FND. Their limits and prediction capabilities must be harnessed further to combat FN. It is possible by large-sized, multidomain, multimodal, cross-lingual, multilingual, labelled and unlabelled dataset curation and implementation. SOTA Large Language Models (LLMs) are the innovation, and their strengths should be focused on and researched to combat FN, deepfakes, and AI-generated content on OSNs and online sources. The study highlights the significance of human cognitive abilities and the potential of AI in the domain of FND. Finally, we suggest promising future research directions for FND and mitigation.