<p>Video coding is a fundamental component of modern multimedia applications, enabling efficient transmission, storage, and playback of increasingly high-resolution video content. This paper provides a comprehensive review of the evolution of video coding standards, from early techniques such as MPEG-1 and H.261 to contemporary standards like H.265/HEVC, AV1, and the recently introduced H.266/VVC. It also explores the transition toward AI-assisted video encoding and the anticipated influence of emerging technologies including quantum computing and holographic displays. In doing so, the paper identifies technical challenges such as bit rate control, latency, scalability, and energy efficiency. Through a structured literature review and comparative analysis, the study highlights critical gaps in existing approaches, including the limitations of traditional predictive models and the lack of formal integration of brain-inspired intelligence frameworks. Future research directions are proposed, emphasizing the need for adaptive, low-latency, and error-resilient coding methods. The paper serves as both a historical record and a roadmap for researchers and developers seeking to advance the next generation of video coding technologies.</p>