Anaphylaxis represents the most severe and potentially fatal manifestation of allergic disease, characterized by sudden multi-system involvement and rapid hemodynamic compromise. While management protocols have improved, global incidence continues to rise and preventable deaths persist — driven largely by delayed epinephrine administration and inadequate long-term follow-up. This narrative review synthesizes current evidence on the immunological and non-immunological mechanisms underlying anaphylaxis, evaluates diagnostic criteria from major allergy societies, and appraises both immediate and long-term treatment strategies. Contributing factors to persistent morbidity — including epinephrine underuse, barriers to autoinjector access, and the emergence of biphasic and refractory phenotypes — are examined in depth. Advances in novel epinephrine delivery platforms, biologic therapies targeting the IgE and cytokine axes, and immunomodulatory strategies including oral and venom immunotherapy are highlighted as promising avenues for improving outcomes. This review also underscores the need for validated predictive biomarkers, equitable device access, and prospective trials to close the gaps that continue to drive preventable mortality.