This review paper attempts to provide a comprehensive understanding of the metaverse by analyzing virtual worlds and augmented reality environments. The metaverse is a virtual space in which users can interact with a computer-generated environment and other users in real time. With the rapid growth of technology, virtual reality (VR) and augmented reality (AR) have attracted major attention, providing immersive and engaging experiences. The paper looks at the key elements of virtual worlds and augmented reality environments, such as their technological foundations, user experiences, and societal implications. The paper also considers the potential societal impact of the metaverse, delving into areas such as education, entertainment, business, and communication. This study gives insights into the current state of the metaverse, challenges, and future possibilities by assessing current examples and trends. This paper can assist individuals, industries, and policymakers to better understand and navigate the evolving landscape of virtual worlds and augmented reality environments, allowing for more informed decisions and strategies in this rapidly evolving domain.