Background: There is a need to promote drug-related safety in children and prevent them from drug-related toxicities. Understanding pediatric pharmacology, drug dosing, and physiological differences between children and adults is crucial for ensuring safe and effective pediatric care. Objectives: The focus of the current review is the safety and efficacy of drugs in children that involve medication errors and adverse drug reactions. The present study includes awareness of past medication-related incidents, off-label drug usage, inappropriate antibiotic prescriptions, adverse reactions to over-the-counter drugs, and cases of pharmaceutical poisoning in children. Methodology: Pertinent literature databases from search engines like Google Scholar and PubMed were retrieved and analyzed, and WHO and FDA guidelines were followed. Results: The literature survey showed that these problems can be overcome by taking safety measures and following evidence-based practice recommended by the FDA, reducing dosing errors, and preventing ADRs. The Best Pharmaceuticals for Children Act (BPCA) and Pediatric Research Equity Act (PREA) has made efforts in conducting drug research and improving pediatric labelling. Conclusion: A warning showing more recent information about contraindications must be mentioned in pharmaceutical labelling so the patient and doctors would be better aware of drug contraindications and their adverse effects.