Self-healing polymers (SHPs) are advanced materials designed to autonomously repair damage, inspired by biological systems. Initially, SHPs focused on embedding healing agents within polymers that would release upon damage. Over time, technological advancements have led to the integration of dynamic covalent and supramolecular bonds, enabling molecular-level self-repair without external intervention. SHPs now address not only mechanical integrity but also the recovery of electrical and optical functionalities. Mechanisms for self-healing include encapsulation of healing agents, dynamic bonds, nanomaterials responding to external stimuli, and shape memory effects (SMEs). Despite significant progress, challenges remain in balancing mechanical strength and self-healing efficiency. Research is ongoing to enhance the interplay between chemical and physical processes in self-repair, with a focus on sustainable materials. Synthesis methods for SHPs involve various chemical processes, such as microencapsulation, dynamic cross-linking, and reversible bonding techniques. Applications of SHPs span automotive, electronics, and energy storage industries, offering benefits like reduced maintenance costs, extended lifespan, and improved durability. Recent innovations include high-performance polymers capable of operating in harsh environments and more commercially viable, eco-friendly materials.