Forest ecosystems play a crucial role in providing a wide range of ecological, social, and economic benefits. However, the increasing frequency and severity of forest fires pose a significant threat to the sustainability of forests and their functions, highlighting the need for early detection and swift action to mitigate damage. The combination of drones and artificial intelligence, particularly deep learning, proves to be a cost-effective solution for accurately and efficiently detecting forest fires in real-time. Deep learning-based image segmentation models can not only be employed for forest fire detection but also play a vital role in damage assessment and support reforestation efforts. Furthermore, the integration of thermal cameras on drones can significantly enhance the sensitivity in forest fire detection. This study undertakes an in-depth analysis of recent advancements in deep learning-based semantic segmentation, with a particular focus on model’s mask region convolutional neural network (Mask R-CNN) and you only look once (YOLO) v5, v7, and v8 variants. Emphasis is placed on their suitability for forest fire monitoring using drones equipped with RGB and/or thermal cameras. The conducted experiments have yielded encouraging outcomes across various metrics, underscoring its significance as an invaluable asset for both fire detection and continuous monitoring endeavors.