In an effort to protect users’ virtual worlds, the developing Metaverse presents significant concerns about security and privacy that need to be resolved. The study evaluates the risks to user confidentiality, safety precautions, advances in technology, and legislative factors influencing user privacy in the Metaverse. Users are unaware of the volume of data that platforms in the Metaverse collect as it includes behavioral patterns and physiological readings in addition to private data. Significant privacy risks are created by the gathering of user data and unauthorized data transfers across several platforms. Although multi-factor authentication as well as encryption have proven successful security measures, experts concur that they fall short in shielding users from complex vulnerabilities in virtual environments. By allowing users to retain decentralized control over their data and real-time privacy adaptation capabilities, the combination of blockchain and artificial intelligence (AI) technologies demonstrated the potential to improve privacy protection. There are still several challenges, such as system growth, moral dilemmas, and smooth system integration. Inadequate privacy protection for Metaverse users, as demonstrated by the General Data Protection Regulation (GDPR) and other existing regulations, necessitates the creation of specific and adaptable legislative frameworks. International data protection regulations, ongoing technical advancements, and educational initiatives to enlighten people about protecting their data are all necessary for user empowerment. Because the Metaverse is always changing, everyone involved—developers, legislators, and users—must work together to provide complete privacy protection mechanisms.