Gamma-Ray Bursts (GRBs) are intense, high-energy explosions that serve as both powerfulastrophysical phenomena and vital cosmological tools. With the ability to release more energy in secondsthan the Sun emits in its entire lifetime, GRBs arise from cataclysmic events such as the merger of compactstellar remnants or the core-collapse of massive stars. Their unparalleled brightness enables them to beobserved across vast cosmological distances, often originating in the early universe less than a billion yearsafter the Big Bang. This makes them instrumental in probing star formation, metal enrichment, cosmicreionization, and the behavior of the intergalactic medium. GRB afterglows, observable across the electromagnetic spectrum, reveal critical information about theirhost galaxies and surrounding environments. Their light curves are modeled using derivative-based decayfunctions, allowing scientists to extract physical parameters like energy output, jet structure, andcircumburst density. Moreover, GRBs provide a testbed for exploring physics at extreme conditions—such asthe violation of Lorentz invariance and signals from quantum gravity regimes—offering insights intofundamental laws of nature. This paper presents a comprehensive study of GRB classification, detectiontechniques, light curve modeling, and their implications in astrophysics and particle physics. We alsohighlight the contributions of observatories like Swift, Fermi, and upcoming missions such as JWST andTheseus. With their intersection across observational astronomy, theoretical physics, and cutting-edgespace technology, GRBs remain one of the most informative and awe-inspiring phenomena in the universe.