Graphyne, a hypothetical carbon allotrope comprising sp and sp² hybridized carbon atoms, has garnered significant attention for its potential applications in next-generation technologies. Unlike graphene, graphyne’s distinctive acetylenic linkages endow it with a tunable electronic structure, directional charge transport, and superior mechanical flexibility. This review delves into the structural variety, theoretical underpinnings, and burgeoning experimental endeavors associated with various graphyne allotropes, including α-, β-, γ-, and 6,6,12-graphyne. It examines synthesis methods, structural and electronic characteristics, and the material’s prospective roles in diverse fields, such as nanoelectronics, transistors, hydrogen storage, and desalination. Additionally, it highlights the use of computational modeling techniques—density functional theory (DFT), GW approximation, and nonequilibrium Green’s function (NEGF)—to anticipate and validate properties without fully scalable experimental data. Despite substantial theoretical progress, the practical implementation of graphyne-based devices faces several challenges. By critically assessing current research and identifying strategic directions, this review underscores graphyne’s potential to revolutionize advanced materials science.