The integration of Internet of Things (IoT) technology into agriculture has revolutionized traditional farming practices, leading to the emergence of smart farming. This review article explores the latest advancements in IoT-based smart farm monitoring systems, focusing on their applications, benefits, challenges and future prospects. The paper presents insights from a variety of research studies, presenting a comprehensive overview of the state-of-the-art technologies shaping the future of agriculture. Additionally, the paper presents several case studies, benefits of smart farm monitoring, some challenges and probable solutions. The paper also presents future research directions and a novel model for IoT-based smart monitoring system.