The rapid evolution of Radio Access Networks (RANs) driven by the advent of Open RAN (O-RAN) is setting a transformative path for future wireless communications. O-RAN facilitates an open, interoperable framework, distinguishing itself by promoting vendor diversity, network agility, and cost-effective deployments. This paper delves into the structural composition of O-RAN, emphasizing its reliance on advanced technologies such as software-defined networking (SDN), network functions virtualization (NFV), and cloudification. It also explores the pivotal role of O-RAN in enhancing network management through intelligent automation and dynamic resource allocation. By integrating these elements, O-RAN not only addresses the growing demand for more robust and flexible networks but also fosters innovation across the telecommunications landscape. This review seeks to provide a comprehensive understanding of O-RAN’s potential impacts, including its ability to drive economic efficiency, improve network performance, and reduce vendor lock-in, thereby paving the way for a more connected and technologically advanced future.