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This review paper examines the evolution, theoretical foundations, and empirical developments in global financial inclusion research up to 2025. Financial inclusion has progressed from a narrow focus on microcredit and poverty alleviation to a multidimensional framework encompassing access, usage, quality, digital finance, institutional governance, gender equity, financial literacy, and macro-financial stability. Drawing on cross-country evidence, large-scale datasets such as the Global Findex, and interdisciplinary scholarship, the study synthesizes key findings regarding the determinants and impacts of financial inclusion. The literature indicates that inclusive financial systems contribute to poverty reduction, consumption smoothing, entrepreneurial development, and inequality mitigation when supported by strong institutions and effective regulation. However, access alone does not guarantee welfare gains; meaningful usage, affordability, consumer protection, and financial capability are critical mediating factors. The rapid expansion of digital financial services has accelerated outreach, particularly in developing economies, while also introducing risks related to cybersecurity, over-indebtedness, and systemic stability. The review integrates perspectives from financial intermediation theory, institutional economics, and financial stability frameworks to present financial inclusion as a systemic transformation process requiring balance between innovation, equity, and prudential oversight.