Internet of Things (IoT) technology is now being used in various sectors. This enhances efficiency and productivity while also ensuring sustainability and better resource management in processes such as farming. More need to be done to address contemporary issues like, climate change, food insecurity, and other resource related matters. The advancement of IoT technologies have made real-time monitoring, predictive decision making, and vehicular automation possible. These advancements include sensor networking, computer communication interface, and AI for analytics. These technologies also allow a more in-depth study of IoT for crop and livestock monitoring and management, resource allocation, and improvement of supply chain management visibility in both developed and developing countries. It also examined the sociopolitical and economic challenges that hinder the maximum use of the mentioned technology. Proposals were made to address those issues using new technological solutions like blockchain and digital twins and established policies with better sociopolitical support. We analyse case studies and industry partnerships to uncover best practices and future trends that could optimize the next stage of IoT-centric farming. These results highlight the importance of collaboration between scholars, government, and agribusinesses in smart farming adoption. The purpose of this review is to assist stakeholders interested in IoT and smart technologies towards achieving a resilient and sustainable future in agriculture.