Procrastination is a common behavior that affects individuals in various aspects of life, with persistent procrastination having cumulative negative impacts. Through a literature review, a sizable percentage of adults worldwide are chronic procrastinators, which increases their chance of suffering from mental conditions, including melancholy, anxiety, depression, and low self-confidence. On top of these detrimental effects on people's mental well-being, procrastination has been shown to negatively impact one's physical health, social interactions, and productivity. This paper investigates the complex interplay between biological, cognitive, developmental, social, and psychological factors in procrastination. The main findings of this review paper were: 1) Biological and cognitive factors play a significant role in procrastination behavior, 2) Procrastination affects performance in various domains, including the workplace, academic, and social spheres, and 3) Utilizing modern technologies such as brain imaging and sentiment analysis can enhance our understanding of procrastination and its effects across different demographics. Future studies in this area can gain insight into the underlying mechanisms and a more thorough understanding of procrastination's manifestations and effects across different demographics. By doing this, psychologists can create more potent interventions and ways to lessen procrastination's many detrimental effects, enhancing people's quality of life in the academic, professional, and personal domains. Understanding and addressing procrastination is crucial, given its far-reaching impacts and prevalence in modern society.