The rapid development of deepfake technology has opened up a range of groundbreaking opportunities while also introducing significant ethical challenges. This paper explores the complex impacts of deepfakes by drawing from fields such as computer science, ethics, media studies, and law. Through a multidisciplinary approach, we examine the technological foundations, uses, and societal effects of deepfakes. Our analysis includes case studies, expert interviews, and a thorough review of existing literature to highlight the dual nature of deepfakes—showcasing their potential benefits in entertainment and education, while also addressing the risks of misinformation and privacy violations. This study emphasizes the urgent need for improved detection methods, ethical guidelines, and strong legal frameworks to address the issues created by deepfakes. It calls for enhanced digital literacy and global cooperation to ensure that the advantages of generative AI are harnessed responsibly, while its inherent risks are minimized. The findings underscore the importance of effective detection strategies, ethical considerations, and legislative reforms to ensure deepfake technology is used in ways that benefit society.