Renewable energy sources such as wind, solar, and hydro have significantly reduced carbon emissions and have tried to meet the rising demands for clean, reliable, and continuous energy. However, challenges of intermittency, weather conditions, and geographical constraints still hamper the adequate utilization of these renewable energy sources. Space-Based Solar Power (SBSP) offers a potential solution by generating continuous, large-scale energy from the solar collectors in orbit. However, it faces major technical, political, and economic challenges, which include high launch costs, safety and efficiency concerns in wireless transmission, orbital congestion, and environmental risks. Recent studies, such as the European Modeling energy systems, evaluations by NASA, and feasibility studies by the European Space Agency, suggest that while SBSP remains expensive, certain design pathways could potentially reduce the costs, making SBSP a competitive or complementary technology mid-century. This paper reviews the latest advances in system design, transmission methods, orbital rectenna configurations, economic feasibility, as well as the legal and environmental impacts, providing a comprehensive view of where Space-Based Solar Power currently stands.