<p>The growing popularity gained in precast building systems, particularly those relying on gypsum-based components, has come as a direct response to the increasing demand for construction that is more sustainable, cost-efficient, and speedier. Precast gypsum panels, and particularly Glass Fiber Reinforced Gypsum (GFRG), have recently become very popular because of their lightweight, easy application, and innate fire resistance. This review paper attempts to evaluate the structural feasibility of precast gypsum panels in terms of load-bearing capacity, fire resistance, and enduring durability in diverse environmental conditions. The review also encompasses a synthesis of existing experimental research, field implementations, and simulation studies to assess the capacity of gypsum panels to act as primary load-bearing elements in residential and low-rise commercial buildings. It also discusses the inherent fire resistance of gypsum, due to the chemically bound water, concerning various international fire safety standards. Furthermore, the paper attempts to examine durability performance related to the moisture, temperature variation, and prolonged exposure to environmental agents. While precast gypsum panels can be credited with enormous environmental benefits like recycling and reduced carbon emissions, they have several other challenges, including moisture susceptibility and mechanical brittleness. Reinforcement techniques, waterproofing treatments, and composite integrations are also investigated as potential solutions. Finally, the paper highlights the gaps in knowledge and suggests future directions of research to improve structural reliability and adaptability in modern construction through precast gypsum systems.</p>