Serverless web development marks a significant transformation in how modern applications are built by eliminating the burden of server management for developers. This review examines the progression, advantages, drawbacks, and potential of serverless computing, with a primary focus on Function-as-a-Service (FaaS) and Backend-as-a-Service (BaaS) models. The main aim is to evaluate current academic and industry trends, draw comparisons between leading technologies, and provide synthesized insights into their real-world usage. The analysis is based on diverse scholarly publications, performance studies, and practical implementations. Key themes include scalability, operational cost, security challenges, and implementation scenarios. While serverless systems promote faster development and operational simplicity, limitations such as cold start delays, monitoring difficulties, and dependency on specific vendors remain significant concerns. This review identifies areas requiring further investigation and offers guidance for future research, aiming to deepen the understanding of serverless frameworks. It serves as a resource for both researchers and developers interested in adopting or refining serverless methodologies across a variety of use cases. As the demand for rapid, scalable, and cost-effective digital solutions increases, serverless computing has emerged as a strategic approach for organizations seeking to streamline DevOps processes and focus more on business logic than infrastructure. Its event-driven nature and automatic scaling capabilities align well with the dynamic needs of web-based services, making it a suitable architecture for microservices, real-time APIs, and data processing tasks. However, achieving consistent performance and maintaining observability in ephemeral environments present ongoing challenges that must be addressed through innovation in tooling and cross-platform standardization. Key Words: Serverless Computing, Function-as-a-Service (FaaS), Backend-as-a-Service (BaaS), Cloud Computing.